Ping An Reports 11.2% Rise in New Business Value, Raises Dividend for 10+ Years
On.cc · 1 SOURCESabout 2 hours ago2 MIN
Summary
Ping An Insurance (Group) Company of China reported robust first-half 2024 results, with life and health insurance new business value reaching 248.47 billion yuan, up 11.2% year-on-year . The company maintained its comprehensive financial model advantages while accelerating its healthcare and elderly care strategy, with individual customers reaching 253 million as of June 30 . Shareholder returns continued to improve, with interim total dividend reaching 177 billion yuan and dividend per share rising 3.2% year-on-year to 0.98 yuan, marking over ten consecutive years of dividend growth .
Key Points
- Life and health insurance new business value grew 11.2% year-on-year to 248.47 billion yuan, with agent channel up 14.1% and bancassurance channel up 18%
- Property insurance premium income increased 4% to 1,787.51 billion yuan with combined cost ratio improving to 95.1%, new energy vehicle insurance up 21.5%
- Individual customer base reached 253 million with 99% retention rate for customers holding three or more product categories
- Health insurance premium income reached 887 billion yuan with 11.51 million customers using healthcare and elderly care services
- Net assets maintained at trillion-yuan scale, up 2.8% from beginning of year; interim dividend per share at 0.98 yuan, up 3.2% year-on-year
Why It Matters
The sustained double-digit growth in new business value demonstrates the effectiveness of Ping An's channel quality improvement strategy, particularly in the bancassurance channel which saw 18% growth . For Hong Kong investors seeking yield, the company's track record of over ten consecutive years of dividend growth makes it an attractive option in the insurance sector, with technical support identified at HK$51 and resistance at HK$62 .
The sustained double-digit growth in new business value demonstrates the effectiveness of Ping An's channel quality improvement strategy, particularly in the bancassurance channel which saw 18% growth . For Hong Kong investors seeking yield, the company's track record of over ten consecutive years of dividend growth makes it an attractive option in the insurance sector, with technical support identified at HK$51 and resistance at HK$62 .