Citibank: The value of the new life insurance business of Ping An of China (02318) is expected to increase 10.5% year-on-year in the first half of the year, net profit increased 29%

The Zhitong Finance App learned that Citibank released a research report saying that Ping An of China (02318) will announce the first half results on August 20. The value of the new life insurance business is expected to increase 10.5% year over year, and premiums for the first year are expected to soar 30% year over year. Citi estimates that the marginal balance of Ping An Life Insurance contract services increased by 1.2% over the previous year to RMB 733.5 billion, while life insurance operating profit increased 2% year-on-year to RMB 55.5 billion. The comprehensive cost rate for industrial insurance is expected to improve slightly to 95.1%. The Group's operating profit is driven by steady growth in core business and a strong rebound in asset management business. The expected year-on-year increase is 7.8%, and the medium-term dividend forecast is 7% year-on-year. Net profit increased 29% year-on-year in the first half of the year, and book value expanded 3% in half a year.