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Chinese insurer Ping An's profit rises 46 percent

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April 29, 2014 04:29 AM EST | AP


BEIJING (AP) — Ping An Insurance Co., one of China's biggest state-owned insurers, says its quarterly profit soared 46.2 percent on stronger insurance and banking business.

Ping An said Tuesday it earned 10.8 billion yuan ($1.8 billion), or 1.37 yuan (23 U.S. cents) per share, in the three months ending March 31. Revenue rose 28 percent to 147.1 billion yuan ($24.5 billion).

Life insurance premiums rose 22.7 percent to 91.8 billion yuan ($15.3 billion) while those for property and casualty were up 27.9 percent at 34.7 billion yuan ($5.8 billion.

Profit at Ping An's banking subsidiary rose 40.8 percent to 5 billion yuan ($830 million).