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Bond Market News
Ping An Posts Surprise Profits amid Pandemic Impact
August 24, 2022
Chinese insurer Ping An reported a profit of RMB 60.3bn ($8.8bn) for 1H 2022, up 4% YoY, beating analysts expectations of a 9% decrease. Its results were helped by its banking business, which reported a 26% increase in net profits to RMB 22.1 ($3.2bn). However, group revenues dipped by almost 3% to RMB 668bn ($97.5bn). Its property insurance unit declined 22% and profits at its asset management and technology divisions slumped 41%. Also, the sales value of new policies, a key indicator, dropped 29% to RMB 19.6bn ($2.9bn). Due to market volatility, its investment income fell 67% to RMB 14.8bn ($2.2bn). The insurer has also been affected by the property sector downturn coupled with the lockdowns and pandemic’s impact. Ping An is the largest shareholder in HSBC with 9.2% holding. According to an analyst, the poor performance of Ping An’s core insurance business is one of the reasons it has urged HSBC to split its Asia business, in order to enhance its own investment performance. Ping An said that it will pay an interim dividend of RMB 0.92/share ($/share), 4.5% higher YoY.
Ping An’s dollar bonds were stable with its 2.5% 2024s at 94.99, yielding 5.17%.
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