August 21, 2018 / 8:49 AM / a year ago

CORRECTED-China's Ping An Insurance H1 profit up 34 pct

(Corrects ranking to largest insurer by market value in China, not second-largest, in first paragraph)

SHANGHAI, Aug 21 (Reuters) - Ping An Insurance Group Co of China , the country’s largest insurer by market value, on Tuesday reported a 34 percent rise in first-half net profit on strong growth at its life insurance and asset management businesses.

Net profit came in at 58.10 billion yuan ($8.45 billion) for the six months to June, versus 43.43 billion yuan a year ago, according to a filing with the Hong Kong stock exchange.

Its gross written premiums grew 20 percent to 408.19 billion yuan, from 341.39 billion yuan in the year-ago period.

Ping An is the only Chinese and Asian insurer among nine players identified as globally systemically important by the Financial Stability Board, a regulatory task force for the G20 economies. The failure of any one on the list could trigger a financial crisis. ($1 = 6.8740 Chinese yuan) (Reporting By Engen Tham and Shu Zhang; Editing by Himani Sarkar)

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