



China’s Ping An Insurance has reported an 8.8% drop in H1 net profit, with sluggish investment and weaker earnings at its banking unit to blame.
Net profit fell to 68.047bn yuan, down from 74.619bn yuan in the same period last year.
Furthermore, total investment income fell 30.2% to 5.99bn yuan in H1.
Ping An Insurance has reallocated its portfolio, shifting investments from mainland A-shares to Hong Kong-listed stocks, with a particular focus on high-dividend banking shares in the offshore market.