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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Ping An Bank Co., Ltd.    000001   CNE000000040

PING AN BANK CO., LTD.

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Ping An Insurance to be 'extremely cautious' in second half amid virus rebound fear

08/28/2020 | 02:45am EST
FILE PHOTO: The logo of Ping An Insurance is seen at the National Convention Center in Beijing

Ping An Insurance Group Co of China Ltd on Friday said it will be 'extremely cautious' in the second half of this year due to fear of another wave of novel coronavirus cases, and that it has increased provisions as a precaution.

The comment, from co-Chief Executive Jessica Tan, came after the insurer on Thursday said first-half net profit fell 29.7% from the year earlier, its steepest decline since at least 2008 as the COVID-19 pandemic hit new insurance sales.

Tan in a telephone interview said it was difficult to say when the insurance business in China would rebound.

"There's always a risk of the second and third of wave. So we need to remain extremely cautious in the second half of the year," Tan said.

Group lender Ping An Bank Co Ltd raised its loan-loss provision ratio 31.8 percentage points to 214.9% as at June-end from six months prior. That led to the bank booking 11.2% fall in first-half profit.

Tan said that move was partly to "store up for the winter in that sense, so we have the buffer and resilience for anything that might happen."

Asia's only insurer deemed globally systemically important reported group profit of 68.68 billion yuan ($9.98 billion) for January-June, its interim report showed.

"So far 2020 has been challenging, having witnessed a complex fast-changing macro-environment, the dramatic impact of COVID-19, and highly volatile global markets," Ping An said.

Still, restrictions on movement to stem the spread of the virus had led to a reduction in auto claims, it said.

Gross written premiums fell 0.2% to 445.5 billion yuan, while the number of retail customers rose 4.6% to 210 million.

Investment income fell 16.7% to 78.21 billion yuan with a 1.1 percentage point cut in annualised yield, driven by "sharp year-on-year capital markets fluctuations", the company said.

($1 = 6.8798 Chinese yuan renminbi)

By Julie Zhu and Engen Tham


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
PING AN BANK CO., LTD. 2.09% 22.49 End-of-day quote.16.29%
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD. 0.92% 98.4 End-of-day quote.3.58%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.11% 6.47867 Delayed Quote.-0.15%
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Financials
Sales 2020 155 B 24 023 M 24 023 M
Net income 2020 27 680 M 4 282 M 4 282 M
Net Debt 2020 - - -
P/E ratio 2020 15,8x
Yield 2020 0,97%
Capitalization 434 B 67 158 M 67 150 M
Capi. / Sales 2020 2,80x
Capi. / Sales 2021 2,49x
Nbr of Employees 33 440
Free-Float 39,6%
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Consensus
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Mean consensus BUY
Number of Analysts 24
Average target price 21,66 CNY
Last Close Price 22,37 CNY
Spread / Highest target 19,8%
Spread / Average Target -3,17%
Spread / Lowest Target -32,5%
EPS Revisions
Managers and Directors
NameTitle
Yue Fei Hu President, General Manager & Executive Director
Wei Qiu Chairman-Supervisory Board
Yong Lin Xie Chairman
You Zhi Xiang Chief Financial Officer, Executive Director & VP
Bo Yao Non-Executive Director