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Ping An Insurance annual profit rises 15 pct, meets estimates
March 22, 2017 / 10:32 AM / 6 months ago

Ping An Insurance annual profit rises 15 pct, meets estimates

SHANGHAI, March 22 (Reuters) - Ping An Insurance Group Co of China Ltd , China’s second-largest insurer by market value, on Wednesday posted a 15 percent rise in its annual net profit, in line with analysts’ expectations.

Ping An made a net profit of 62.4 billion yuan ($9.06 billion) in the year ended December 2016, versus an average estimate of 62.3 billion yuan from 18 analysts polled by Thomson Reuters. It was the company’s highest profit since 2003.

Last year, Chinese insurers pulled in 3 trillion yuan of premiums, up about 28 percent from 2015, according to data from China’s insurance regulator. ($1 = 6.8870 Chinese yuan renminbi) (Reporting by Engen Tham; Editing by Stephen Coates and Himani Sarkar)

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