Ping An net profit rises 4.3 pct

Ping An Insurance Group, one of China's major insurers, said Friday that its net profits in the first quarter rose 4.3 percent from a year earlier to 6.06 billion yuan (966 million U.S. dollars).

The insurer's revenues increased 17.03 percent to 86.5 billion yuan, while earnings per share climbed 1.3 percent to 0.77 yuan, according to its quarterly report filed with the Shanghai Stock Exchange.

The company said adjustments in its investment portfolio in the first quarter have created floating losses for the group.

Meanwhile, its banking unit, Ping An Bank, which is to be absorbed by Shenzhen Development Bank, contributed 1.77 billion yuan in profits to the group during the period.