October 29, 2018 / 10:12 AM / 19 days ago

UPDATE 1-China's Ping An Insurance Q3 profit falls 7 pct on P&C weakness

* Q3 net profit dips 7 pct to 21.3 bln yuan

* 9-month property and casualty profit down 22 pct on-year (Adds details of results)

SHANGHAI, Oct 29 (Reuters) - Ping An Insurance Group Co of China Ltd , the country’s largest insurer by market value, posted a 7 percent drop in third-quarter net profit, blaming it on weaker profits at its property and casualty insurance business.

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 on Monday.

Hitting Ping An’s bottom line was the weak performance of its property and casualty insurance business, where net profit for the first three quarters slumped by 22 percent to 8.08 billion yuan from a year-ago.

The insurer blamed the fall on “an increase in taxable income induced by the rising commission caused by business growth”, according to the filing. It did not elaborate.

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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