Ping An's life insurance premiums hit RMB 61.6 bln in Jan-May
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Ping An Insurance (Group) Co<601318><2318>, China's second-largest insurer, announced on Wednesday that its life insurance unit, Ping An Life Insurance Co of China Ltd, recorded RMB 61.6 billion in unaudited premiums in the first five months of this year.
The Shenzhen-based group, which is 16.8% held by HSBC Holdings PLC<0005>, earlier reported that its life insurance premiums in the corresponding period of last year stood at RMB 44.52 billion.
Ping An Insurance said in a statement that its property and casualty insurance unit and its health insurance unit realized RMB 14.82 billion and RMB 42.83 million in premiums from January to May, respectively.
In the same period, the premiums of group's annuity insurance subsidiary were RMB 525 million.
Ping An Insurance reportedly bought around 500 million new shares of Shenzhen Development Bank Co Ltd(SDB)<000001> and 16.7% of SDB's existing shares from leading global private investment firm TPG Inc to further raise its shareholding in the Shenzhen-based lender, according to an earlier report from China Knowledge.
Shares of Ping An were halted from trading on Jun. 8 and are expected to resume trading on Jun. 13.
The group earlier reported that its net profit attributable to shareholders plunged 66.4% to RMB 1.64 billion in the first quarter of this year.
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