Ping An Insurance’s 3Q profit up 15%

October 31 2016 by InsuranceAsia News Staff

Ping An recorded a 15% increase in its net profit for the third quarter on the back of strong insurance sales.

Its net profit was Rmb15.73 billion (US$2.32 billion) in the quarter ended September, compared with Rmb13.63 billion for the same period last year, the company said in a filing to the Hong Kong stock exchange.

The company still managed to put up a strong performance despite the limit on short- and mid-term life insurance products which the government had imposed to reduce risks from insurers using short-term funds to invest in stocks and long-term assets.

Ping An’s written life insurance premiums likewise saw a hike in the first three quarters, hitting Rmb282,153 million, or up 26.6% compared with the same period last year.

In July, the insurance regulator in China said the industry as a whole had experienced a 54% dip in first-half earnings to Rmb105.6 billion.

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