China's first half of Ping an gains nearly 30%

August 24, China Peace (601318.SH,2318.HK) report results.　　In accordance with domestic accounting standards, as at June 30, 2010, Ping An total assets of 1,032,908,000,000 yuan, compared with the end of 2009 growth of 10.4%, net profit of 9.866 billion yuan, increased by 27.9% from a year earlier. The correction of the bank insurance share of life insurance from the view of premium income, the insurance premiums of individual new business of life are growing rapidly, up 52.1% from the same period in 2009. However, due to weak growth in the bank insurance business, the scale of life insurance premiums only 93.125 billion yuan, an increase of 26%, compared with 35.5% of the first half of last year's growth fell.　　Ping An life insurance business market share of 15.8%, compared with the end of 2009 down 0.7%. Ping An individual life insurance premiums 73.358 billion yuan, up 35.9% from the same period last year.　　From the business data, the increase in insurance premiums for new business is mainly due to the increase of agent capacity, the agent's first year of the scale of 10311 yuan per month, compared with the end of 2009 64.7%, a new insurance policy pieces per month 1.2, compared with the end of 2009 0.1.　　At the same time, the number of personal agents decreased slightly, to 411,700, down 1.2%. The insurance premium income of FPA is 16.269 billion yuan, down 0.2% from the same period last year.　　From the business data, Ping An bank sales network of 55,433, compared with the end of 2009 to increase by 8%. Ping An is stepping up cooperation with major banks to sell dividends to high-end customers in order to promote the development of bank insurance business.　　August 18, China Ping ' an and the Bank of Communications officially released the two sides in the "strategic cooperation" of the banking and insurance channels-for the FENGWO wealth of the highest end of the customer's exclusive financial products "life". From the perspective of the business structure, the safety premium structure changes under the influence of the new accounting standard Premium confirmation. Dividend Insurance premium income of 40.98 billion yuan, accounting for 44%, compared to the end of 2009 to increase 6%.　　Universal Insurance premium income of 37.263 billion yuan, accounting for 40%, compared with the end of 2009 down 2%. In the region, Guangdong, Shanghai, Beijing, Jiangsu, Liaoning, the top five of the scale of premiums. Among them, the Guangdong scale of 13.466 billion yuan, the growth rate of 31.6%, the fastest growth.　　Shanghai's scale of 7.848 billion yuan, the growth rate of 15.6%, the slowest growth. Production and insurance revenue soared 61% in the first half, ping An insurance premium income of 29.975 billion yuan, an increase of 61.1%, market share than the end of 2009 to upgrade 1.5%, up to 14.4%.　　The rapid growth of insurance premiums is mainly due to the increase in car sales, while the industry development environment further standardized, ping an years to build the electric sales platform to play a role.　　Earlier, the Everbright Securities Research report said that the industry is out of the industry trough, the second half will continue the first half of the good momentum of development, at least three years in the future golden harvest period. The increase in insurance premiums is mainly in the motor vehicleThe insurance premium income increases, the motor vehicle insurance premium income 22.99 billion yuan, increases 71.8%.　　At the same time, there has been a decent increase in the insurance of non-motorized vehicles, which amounted to $6.169 billion and an increase of 39.6%. In the first half of the year, the number of direct sales representatives was 10133, down 18.8% from the end of 2009.　　The number of production insurance agents amounted to 22229, compared with the end of 2009 and 62.1%. In terms of profitability, the overall cost rate fell by 4.7% to 96.5% over a year earlier.　　Among them, the cost rate decreased by 2.3% compared with the same period in 2009, and the compensation rate decreased by 2.4% compared with 2009. In the region, Guangdong, Jiangsu, Shanghai, Sichuan, Beijing, the top five of the scale of premiums.　　Among them, the Sichuan scale premiums amounted to 1.976 billion yuan, the growth rate reached 88.9%, the fastest growing. NET investment income growth of 44.3% in the first half of the net investment income of 12.618 billion yuan, up from the same period last year 44.3%.　　NET investment yield rose from 3.7% to 4.1% in the same period last year, mainly because equity investment dividend receipts increased over the same period last year. As a result of the adjustment of the domestic stock market, net realized and unrealized gains, including the profit and loss of securities investment spreads and fair value fluctuations, amounted to $2.156 billion, resulting in a decrease of 25.6% to 10.365 billion yuan in total investment income from 13.924 billion yuan in the same period last year, with a total investment return rate from 4.8%　　Fell to 3.7%. Ping An investment business is developing well.　　Ping An securities net profit amounted to 828 million yuan, growth 125.6%, Ping An trust net profit amounted to 326 million yuan, growth 69.8%. Ping An comprehensive finance has also made progress, from the cross sales channel of insurance premiums increased by 53.1%, the overall contribution to insurance premiums to increase to 13.6%.　　; the average daily balance of the bank company's business deposits increased by 111.5%, the cross sales channel accounted for 22%, and 61.9% of the new credit cards came from Cross-selling. Unlike the previous solo sales, Ping An launched a group cross-selling in 2010, making the business grow faster.