PING AN INSURANCE GROUP COMPANY By Yi Wei Wong
Ping An Insurance (Group) Co. of China Ltd. said net profit rose slightly in the first half, driven by the strength of its banking business segment.
The Chinese insurance company said Tuesday that its first-half net profit rose to 60.27 billion yuan ($8.80 billion) from CNY58.005 billion a year ago.
Revenue in the first half fell slightly to CNY667.64 billion from CNY687.79 billion a year earlier.
Net profit for the group's banking business rose 25.6% on year to CNY22.09 billion in the first half.
"Substantial uncertainties will remain regarding Covid-19, as well as the domestic and overseas environment in the second half of 2022," Ping An Chairman Ma Mingzhe said in a statement.
The insurance group will continue to build on its elder care and healthcare financing systems, he said.
Write to Yi Wei Wong at yiwei.wong@wsj.com
(END) Dow Jones Newswires
08-23-22 0529ET
