China's Ping An Insurance reported a 45 per cent drop in net profit to Rmb5.2bn ($760m) in the first half compared with the same period a year earlier - a worse than expected result thanks to a higher tax bill and a policy of aggressive expansion in its home market.
Ping An's profits were virtually wiped out last year thanks to the company's disastrous investment in Fortis , the European financial group. That experience convinced the insurer to concentrate on the domestic Chinese market
While Ping An's profits plummeted in the first half from a year earlier, its gross written premiums, policy fees and premium deposits rose 34 per cent to Rmb92.7bn.
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