Ping'an Insurance net profit up 20.66 pct in Q3

Ping'an Insurance Co., China's second-largest insurer, said late Tuesday that its net profit rose faster in the third quarter to reach 2.13 billion yuan (337.46 million U.S. dollars), marking a year-on-year increase of 20.66 percent.

The quarterly growth rate in the July-September period was much faster than the 9.4-percent growth rate recorded in the first half of this year, according to a statement the insurer filed with the Shanghai and Hong Kong stock exchanges, beating market expectations against the broad backdrop of a slowing economy.

The net profit in the third quarter, however, was much lower than that of the first and second quarters, when the combined net profit totaled 13.96 billion yuan.

The company attributed the decline in profit volume to investment losses in equity markets and write-downs of assets amid sluggish market sentiment.

For the first nine months, earnings per share rose to 2.03 yuan from 1.76 yuan in the January-June period.

Life premium revenues increased 9.8 percent year on year to 138.71billion yuan in the first nine months, while property premium revenues reached 73.89 billion yuan, up 20 percent over the same period of last year.

Ping'an Bank, the insurer's banking business, contributed a profit of 5.25 billion yuan in the January-September period after the company bought a 52.38-percent stake in Shenzhen Development Bank last year and changed the development bank's name to Ping'an Bank.

Ping'an's share price gained 1.1 percent in Shanghai to 38.48 yuan, but fell 1.14 percent to 60.5 HK dollars (7.80 U.S. dollars) in Hong Kong on Tuesday.