Ping An Insurance Q3 profit declines 31.5% on investment income

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SHANGHAI/BEIJING -Ping An Insurance Group, China's largest insurer by market value, on Wednesday reported a 31.5 per cent fall in third-quarter profit on weak investment income.Net profit for the three months to September fell to 16.19 billion yuan ($2.26 billion) from 23.6 billion yuan a year earlier, the c

SHANGHAI/BEIJING -Ping An Insurance Group, China's largest insurer by market value, on Wednesday reported a 31.5 per cent fall in third-quarter profit on weak investment income.

Investment income in the first nine months of the year fell 81.6 per cent to 10.43 billion yuan, from 56.65 billion yuan in the year-earlier period.The group's gross written premiums rose 2.18 per cent to 604.66 billion yuan from the year before, while the number of retail customers rose 2.6 per cent from the end of last December to 227.6 million.

 

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