Ping An Insurance Jan-June profit down 29.7%, biggest H1 drop since at least 2008

Credit: REUTERS/BOBBY YIP

Ping An Insurance (Group) Co of China on Thursday reported a 29.7% fall in first-half net profit, its biggest drop for the period in more than a decade as the coronavirus pandemic disrupted its business.

BEIJING/SHANGHAI, Aug 27 (Reuters) - Ping An Insurance (Group) Co of China 601318.SS2318.HK on Thursday reported a 29.7% fall in first-half net profit, its biggest drop for the period in more than a decade as the coronavirus pandemic disrupted its business.

Ping An, the only Asian insurer deemed globally systemically important by regulators, said its net profit was 68.68 billion yuan ($9.98 billion) for the six months to June, according to a filing with the Hong Kong stock exchange on Thursday.

That marks the biggest drop in first-half earnings since at least 2008, when it posted a 11.9% drop in first half profits, Reuters calculations showed.

($1 = 6.8798 Chinese yuan renminbi)

(Reporting by Cheng Leng and Zhang Yan in Beijing, Engen Tham in Shanghai; Editing by Himani Sarkar and Jane Merriman)

((cheng.leng@thomsonreuters.com; +8610-5669-2129;))

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