April 27, 2017 / 12:33 PM / 3 months ago

Ping An Insurance posts 11 pct rise in first-quarter net profit

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BEIJING, April 27 (Reuters) - Ping An Insurance (Group) Co of China, the country's second-largest insurer by market value, on Thursday posted an 11.4 percent rise in first-quarter net profit on strong premium growth.

Net profit came in at 23.05 billion yuan ($3.34 billion) in the first three months of the year, against 20.7 billion yuan in the same period last year.

The company's life insurance business achieved written premiums of 184.64 billion yuan, up 37 percent year on year.

Ping An last month posted its biggest annual profit in more than a decade thanks to strong sales.

Chinese insurers last year raked in 2.9 trillion yuan in original insurance premiums, 16 percent higher than the previous year, data from the China Insurance Regulatory Commission shows. ($1 = 6.8930 Chinese yuan renminbi) (Reporting by Shu Zhang and Matthew Miller in BEIJING, Engen Tham in SHANGHAI; Editing by Stephen Coates and David Goodman)

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