Latest News:  
Beijing   Overcast/Moderate rain    9 / 12 ℃  City Forecast

English>>China Business

Ping'an Insurance net profit up 20.66 pct in Q3


08:44, October 31, 2012

BEIJING, Oct. 30 (Xinhua) -- Ping'an Insurance Co., China's second-largest insurer, said late Tuesday that its net profit rose faster in the third quarter to reach 2.13 billion yuan (337.46 million U.S. dollars), marking a year-on-year increase of 20.66 percent.

The quarterly growth rate in the July-September period was much faster than the 9.4-percent growth rate recorded in the first half of this year, according to a statement the insurer filed with the Shanghai and Hong Kong stock exchanges, beating market expectations against the broad backdrop of a slowing economy.

The net profit in the third quarter, however, was much lower than that of the first and second quarters, when the combined net profit totaled 13.96 billion yuan.

The company attributed the decline in profit volume to investment losses in equity markets and write-downs of assets amid sluggish market sentiment.

For the first nine months, earnings per share rose to 2.03 yuan from 1.76 yuan in the January-June period.

Life premium revenues increased 9.8 percent year on year to 138.71billion yuan in the first nine months, while property premium revenues reached 73.89 billion yuan, up 20 percent over the same period of last year.

Ping'an Bank, the insurer's banking business, contributed a profit of 5.25 billion yuan in the January-September period after the company bought a 52.38-percent stake in Shenzhen Development Bank last year and changed the development bank's name to Ping'an Bank.

Ping'an's share price gained 1.1 percent in Shanghai to 38.48 yuan, but fell 1.14 percent to 60.5 HK dollars (7.80 U.S. dollars) in Hong Kong on Tuesday.

News we recommend:
"Made in China":Charming the World "Made in China":A Boon for the Masses "Made in China":A Blessing for Businesses
"Made in China":The Bitter Blessing From 'Made in China' to 'Created in China' [Special]'Made in China' Revisited
Rediscovering the Awakening Dragon:The Not-so-good Old Times   Rediscovering the Awakening Dragon:High on the Agenda Rediscovering the Awakening Dragon: The Cultural Transformation


Leave your comment0 comments

  1. Name


Selections for you

  1. Band of brothers sets tone

  2. Destroyer flotilla in air defense drill

  3. Unforgettable moments in October (III)

  4. Hospitals to prevent theft of babies

  5. 50,000 gay people attended parade

  6. A Journey to Renaissance

  7. Charming autumn scenery around world

  8. Creative clocks.Do you like??

Most Popular


  1. China, US have 'unique' role for world peace
  2. Libya conflict unlikely to impact US presidential race
  3. Trade protectionism won't work for US
  4. Growth depends on reining in abuse
  5. Multi-country dialogues growing hollow
  6. Grotesque gaps in income undercut social harmony
  7. Greek exodus a lesson for China
  8. Can Chinese workers learn to take deep breaths?
  9. Fine-tuning needed for home curbs
  10. Japan should face up to wrongdoing

What’s happening in China

Temperature drops in central and eastern China

  1. Former legislator might be tied to fatal rail crash
  2. Uproar after hospitals turn away pregnant woman
  3. Good Samaritans get an insurance policy
  4. China blocks 169 substandard food imports
  5. Stealing apples costs duo jobs at 5-star hotel