Peace in China: Create win and promote two-line integration

China Ping An (601318) 25th released 2010.5 Annual report, the first half of the company to achieve ownership of the listed company's shareholders net profit of 9.611 billion yuan, an increase of 28.5%.　　The company said that performance growth on the one hand benefited from the rapid growth of insurance business scale premiums, on the other hand, banks, securities, trusts and other business profits have also been greatly enhanced. There is still no further announcement on the deep development of the external concern and the integration of Ping An bank, and China's peaceful and deep development has continued to suspend business.　　China Peace also said that the first half of the company can be allocated to shareholders of the profit of 2.438 billion yuan, the company will distribute interim dividend to shareholders 0.15 yuan per share. The percentage of life insurance market in the first half of this year, China's Ping an total assets breakthrough trillion yuan mark, reached 1.0329 trillion yuan, compared to the end of 2009 increased by 10.4%.　　Basic earnings per share of 1.3 yuan, an increase of 27.5%. Data show that China's Ping an insurance business to maintain a healthy and rapid development. One of the life insurance business has increased the profitability of higher personal business promotion, personal new business scale premium growth rate, compared with the increase of 52.1% in the same period in 2009. However, life insurance business scale of 93.125 billion yuan, market share compared to the end of last year's 16.5% down to 15.8%.　　The safe production insurance relies on the specialized channel management, the premium income realizes the 61.1% big growth, the market share compared to 2009 the end to raise 1.5%. At the same time, business quality continued to optimize, the overall cost rate decreased 4.7% to 96.5% over a year earlier. Pension Insurance Enterprise Annuity payment, entrusted management assets and investment management assets three statistics indicators to maintain the industry leader.　　With the company's business growth, the market investment and strategic investment increased, its business and management fees increased by 42.4% Year-on-year, from the same period last year, 9.282 billion yuan to 13.215 billion yuan. The first half of macro-control, China Ping An right to adjust the proportion of equity assets, the company fixed maturity of the total investment assets of the proportion from the end of 76% to 79.3%, while the proportion of equity investment fell from 10.8% to 8.1%.　　Under the influence of domestic stock market adjustment, realized and the outstanding income fell sharply, the total investment income of the company decreased by 25.6%, from 13.924 billion yuan to 10.365 billion yuan, the total investment yield decreased from 4.8% to 3.7%. August 24, Ping An also signed a cooperation agreement with Discovery, South Africa's largest health insurance company, to introduce strategic investors to its ping an health insurance Co. According to the agreement, Discovery will buy a 20% stake in the initial stage of health insurance, and the two sides will work together to open up China's broad healthcare market.　　Currently, a team of discovery experts is ready to join the health insurance. The two lines of integration are still in the external concerns of the merger and acquisition of deep development issues, there is still no recent progress in the external announcement. However, China Ping An said that deep development as a joint venture of peaceIndustry, has since May to bring profits to the company contribution. China Ping ' an related official said that the company is now the first major shareholder of deep development. How to make Ping an bank and the deep development of the two banks complement each other, how to give full play to the synergy of integrated finance is the key to create value.　　In the future, under the premise of legal compliance and creation of winning, we will vigorously promote the reorganization and integration of Ping An bank and the deep development. At present, Ping An bank's own business growth quickly, the first half of this year to achieve net profit of 900 million yuan, the year-on-year increase of 56%. At the same time the rapid development of the business, non-performing loan ratio control in 0.45%, the capital adequacy rate of 11.8%, to maintain industry-leading level.　　Retail deposits, credit cards and other business growth is strong, cross sales contribute significantly. China's peace also said that China's economy will continue to maintain rapid growth in the second half of the year, but it is also facing the economic stimulus policy exit timing and economic restructuring and many other factors. Expectations of the pace and extent of interest rate hikes in China have been reduced, which may lead to a continued low bond yield, and the volatility of the stock market will bring some pressure on the company's profits in the second half.