Ping An Insurance says real estate investment only 7.2pcBusiness | 16 Aug 2019 7:25 pm
Ren Huichuan, executive director of Ping An Insurance (2318) said the company only invested 7.2 percent of its premium income in real estate assets, far below the 30 percent upper limit by China Banking and Insurance Regulatory Commission.
Ren said the investment property mainly includes long-term rental apartments and affordable housing for talents, and pointed out that the company will not participate in the operation or management of real estate companies.
He added that Ping An has lowered its risk appetite to a cautious one under slower global economic growth, a downward interest rate environment, and higher credit risk.
But he expects the economy to recover in the next 18 months.
The insurer's first-half net profit grew by 68.1 percent year-on-year to 97.68 billion yuan (HK$108.79 billion).
Ping An declared an interim dividend of 75 fen per share.