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Investing.com -- Ping An Insurance (Group) Co. reported an 8.8% decline in first-half profit on Tuesday as China’s economic slowdown and stock market volatility impacted investment returns.
The Shenzhen-based insurer’s net income fell to 68 billion yuan ($9.5 billion) from 74.6 billion yuan in the same period last year, according to a filing to the Hong Kong stock exchange on Tuesday.
Lower interest rates also contributed to the profit decline during the reporting period.
Despite the drop in net income, Ping An’s operating profit, which excludes short-term investment volatility and one-time items, increased by 3.7%.
The company considers this metric a better indicator of its performance. This growth represents an improvement from the 2.4% increase reported in the first quarter.
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