Ping An Insurance January-June Profit Down 29.7%, Biggest First-half Drop Since at Least 2008​

The company logo of Ping An Insurance is seen in Beijing, China, August 27, 2020. REUTERS/Thomas Peter

BEIJING/SHANGHAI (Reuters) - Ping An Insurance (Group) Co of China <601318.SS><2318.HK> on Thursday reported a 29.7% fall in first-half net profit, its biggest drop for the period in more than a decade as the coronavirus pandemic disrupted its business.

Ping An, the only Asian insurer deemed globally systemically important by regulators, said its net profit was 68.68 billion yuan ($9.98 billion) for the six months to June, according to a filing with the Hong Kong stock exchange on Thursday.

That marks the biggest drop in first-half earnings since at least 2008, when it posted a 11.9% drop in first half profits, Reuters calculations showed.