October 29, 2018 / 9:17 AM / 18 days ago

China's Ping An Insurance Q3 profit falls 7 pct

SHANGHAI, Oct 29 (Reuters) - Ping An Insurance Group Co of China Ltd , the country’s largest insurer by market value, said on Monday its third-quarter net profit dropped 7 percent.

Net profit at Ping An, the only Chinese and Asian insurer named among nine peers as global systemically important insurers by regulators, was 21.3 billion yuan ($3.06 billion) in the quarter ended September, compared with 22.89 billion yuan in the same period last year, it said in a stock market filing in Hong Kong.

Ping An Insurance Group is the controlling shareholder of Ping An Bank, which reported a 7.3 percent rise in third-quarter net profit. ($1 = 6.9589 Chinese yuan renminbi) (Reporting by Engen Tham and Shu Zhang; Editing by Muralikumar Anantharaman)

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