HONG KONG/BEIJING, Aug 29 (Reuters) - Ping An Insurance (Group) Co of China Ltd on Tuesday reported a 1.2% drop in first-half net profit.
The insurance giant posted a net profit of 69.84 billion yuan ($9.58 billion), down from 70.73 billion a year earlier, it said in a filing.
Ping An's main profit earner, its retail business, which accounted for 83% of the insurance group's overall income, dropped 10.4% in the first half from a year ago.
That result came against an 1.8% increase in the total number of retail clients, with operating profit per client weakening by 12%, the filing showed.
"Despite new challenges to economic growth and continued pressure on growth stabilisation", the firm remains optimistic about the long-term fundamentals of China's economy and potential of China's insurance and financial markets, company Chairman Ma Mingzhe said in the filing.
The insurer, which is the largest shareholder in HSBC , has been engaged in a public battle since November with the Asia-focused bank. HSBC in May
fended off the activist proposal
backed by Ping An to spin off its Asia business.
HSBC Holdings (HSBA)