HONG KONG (Reuters) - Shares of China's Ping An Insurance (2318.HK: Quote, Profile, Research) (601318.SS: Quote, Profile, Research) rose 5.31 percent after the country's second largest insurer posted strong results for the first quarter of 2008.

Shares of the Chinese insurer were set at HK$76.35 per share in pre-open trade.

Ping An Insurance on Tuesday reported a 23.6 percent rise in first-quarter profits, on premium growth despite slowdown in investment income. [nHKG354526]

(US$1=HK$7.8)

(Reporting by Donny Kwok; Editing by Keiron Henderson)