October 24, 2019 / 8:58 AM / 25 days ago

China's Ping An Insurance Q3 profit rises 49.7%

BEIJING/SHANGHAI, Oct 24 (Reuters) - Ping An Insurance Group Co of China Ltd,, the country’s largest insurer by market value, posted a 49.7% jump in third-quarter net profit on a steady increase in retail customers.

Net profit rose to 31.9 billion yuan ($4.51 billion) in the quarter to September 30 from 21.3 billion yuan a year earlier, Ping An said in a stock market filing in Hong Kong on Thursday.

Ping An Insurance Group is the controlling shareholder of Ping An Bank, which reported a 16% rise in third-quarter net profit.

$1 = 7.0716 Chinese yuan renminbi Reporting by Cheng Leng in Beijing and Engen Tham in Shanghai; editing by Jason Neely

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