April 26, 2018 / 8:50 AM / a year ago

China's Ping An Insurance posts 11.5 pct rise in first-quarter net profit

SHANGHAI, April 26 (Reuters) - Ping An Insurance (Group) Co of China Ltd , the country’s largest insurer by market value, on Thursday posted an 11.5 percent rise in first-quarter net profit on strong premium growth.

Net profit came in at 25.70 billion yuan ($4.06 billion) for the first three months of the year, against 23.05 billion yuan in the same period last year.

Ping An last month posted forecast-beating annual profit due to strong life insurance sales.

China’s insurance firms saw their net operating cash flow slump 65 percent last year, a source told Reuters in January, underscoring the challenges facing the sector as it reels from a state-led crackdown on sales of risky investment products.

($1 = 6.8930 Chinese yuan renminbi)

Reporting by Engen Tham in SHANGHAI and Shu Zhang in BEIJING

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below