PING AN OF CHINA(02318)2024-08-22 09:54Financial Performance - In the first half of 2024, the operating profit attributable to shareholders of the parent company was RMB 78.482 billion, a decrease of 0.6% year-on-year, while the net profit attributable to shareholders increased by 6.8% to RMB 74.619 billion[11]. - The operating profit for the first half of 2024 was RMB 56.301 billion, compared to RMB 55.564 billion in the first half of 2023[20]. - The net profit for the first half of 2024 was RMB 52.22 billion, reflecting a 12.7% increase year-on-year[29]. - Operating profit attributable to shareholders for the six months ended June 30, 2024, was RMB 78,482 million, a decrease of 0.6% compared to RMB 78,950 million in 2023[66]. - Net profit attributable to shareholders increased by 6.8% to RMB 74,619 million from RMB 69,841 million year-on-year[66]. - The bank's net profit for the first half of 2024 was RMB 25.879 billion, a year-on-year increase of 1.9%[84]. - The total investment income for the first half of 2024 was RMB 8.586 billion, representing a 6.7% increase compared to the previous year[147]. - The total insurance premium income for the first half of 2024 was RMB 160,397 million, a 4.9% increase from RMB 154,136 million in the same period last year[184]. Business Segments - The operating profit from the life and health insurance business was RMB 54.657 billion, while the property insurance business contributed RMB 9.909 billion and the banking business contributed RMB 14.999 billion[13]. - The new business value of the life and health insurance segment grew by 11.0% year-on-year, with the agent channel's new business value increasing by 10.8% and per capita new business value rising by 36.0%[27]. - The new business value for the first half of the year reached RMB 22,320 million, an increase of 11.0% year-on-year[37]. - The insurance service revenue from property insurance was RMB 161.91 billion, showing a year-on-year growth of 3.9%[84]. - Health insurance premium income amounted to RMB 10,090 million, representing a significant year-on-year growth of 43.5%[175]. - The original insurance premium income from auto insurance was RMB 104.824 billion, a year-on-year increase of 3.4%, with the number of insured vehicles growing by 5.9%[197]. Customer Engagement and Services - The company has served nearly 16 million customers in health management and provided home care services to over 120,000 customers across 64 cities by mid-2024[28]. - The number of individual customers using the medical and elderly care ecosystem reached 14,922,000, up 1.4% compared to the end of 2023[37]. - The company launched the "11312" one-stop proactive health management service system under the upgraded "Ping An Family Doctor" service brand in June 2024[69]. - The number of individual customers reached 236 million, with a customer retention rate of 97.8%[128]. - The company added 13.92 million new customers in the first half of 2024, driven by a comprehensive financial service model[128]. Technology and Innovation - The company holds 1,564 generative AI patent applications, ranking second globally according to the latest WIPO report[71]. - AI service volume reached approximately 870 million instances in the first half of 2024, with intelligent fraud detection reducing losses by RMB 6.1 billion, a year-on-year increase of 4.3%[71]. - The company emphasizes a comprehensive digital transformation to enhance service quality and efficiency across its financial ecosystem[83]. - The company has over 20,000 technology developers and more than 3,000 scientists, enhancing its technological capabilities[71]. Capital and Solvency - The group’s total liabilities to total assets ratio increased by 0.3 percentage points to 89.7%[23]. - The solvency adequacy ratio under the second phase of the solvency regulation was 208.8%, significantly above regulatory requirements[41]. - The core tier one capital adequacy ratio was 9.33%, up 0.11 percentage points compared to the end of 2023[37]. - The comprehensive solvency adequacy ratio significantly exceeded regulatory requirements as of June 30, 2024[183]. Dividends and Shareholder Returns - The total cash dividend for 2023 was RMB 44,002 million, with a cash dividend per share of RMB 2.43, reflecting a growth rate of 0.4%[44]. - The company plans to distribute a mid-year dividend of RMB 0.93 per share for 2024[64]. - The interim dividend per share remained stable at RMB 0.93, unchanged from the previous year[66]. Market Position and Recognition - The company ranked 53rd in the Fortune Global 500 and maintained its position as the top global insurance company[32]. - The cumulative cash dividend over the past five years has a compound annual growth rate of 7.0%[44].