Net Profit of Ping An Insurance Increased 27.8% in Q1

According to report from Ping An Insurance (Group) Company of China, Ltd. (Ping An Insurance, SHSE: 601318, HKSE: 2318) on April 27, due to the better performance in insurance, banking and investment businesses, the company in the first quarter achieved CNY 5.81 billion in the net profit attributed to shareholders, rising 27.8% from the same period a year earlier.

From January to March, the total operating revenue of Ping An Insurance reached CNY 75.67 billion, compared to CNY 53.59 billion in the first three months of 2010. During the reporting period, premium of life insurance and property insurance went up 25.7% and 33.8%, hitting CNY 65.79 billion and CNY 20.31 billion respectively. What's more, the total investment assets under management broke CNY 75 billion, including pension insurance and investment assets.

At the same time, Ping An Bank achieved the net profit of CNY 669 million, rising 66.4% from the same period a year earlier. The ratio of non-performing loans was kept at 0.39%. Moreover, Shenzhen Development Bank (000001.SZ), as an associated enterprise, brought profit of CNY 464 million in the first quarter.