Ping An Insurance Q1-3 Net Grew 8.4%

Ping An Insurance (Group) Company of China, Ltd. (SHSE: 601318; SEHK: 2318), the country's second biggest insurer by premiums, on October 28, 2010 issued a fiscal report, showing that net profit hit CNY 13.197 billion in the first three quarters of this year, growing 8.4% over the same period of a year earlier.

Net profit attributable to shareholders arrived at CNY 12.756 billion in the third quarter of this year, and earnings per share (EPS) were CNY 1.71, growing 6.9% over the same period of a year earlier.

Facing tough investment and interest rate environment, the insurance firm's main business revenue has still kept a robust growth. Premium from strong-profitability life insurance business arrived at CNY 33.989 billion, leaping 40.7% over the same period of a year earlier; premium from the property insurance business hit CNY 45.759 billion, sharply rising 57.7%. Combined cost ratio was 94.3%. Net profit from banks arrived at CNY 1.373 billion, sharply growing 73.1% over a year earlier. Profits from Shenzhen Development Bank hit CNY 635 million.