March 12, 2019 / 9:41 AM / 3 months ago

China's Ping An Insurance annual profit jumps 20.6 pct, above estimates

SINGAPORE/HONG KONG, March 12 (Reuters) - Ping An Insurance Group Co of China Ltd , China’s largest insurer by market value, posted on Tuesday a forecast-beating 20.6 percent jump in annual net profit, boosted by strong growth in its life and health insurance business.

Ping An, the only Chinese and Asian insurer named among nine peers as global systemically important insurers by regulators, made a net profit of 107.4 billion yuan ($16.01 billion) in the year ended December 2018. That compared with the 101 billion yuan Refinitiv-compiled SmartEstimate, which are weighted in favour of the more accurate analysts. ($1 = 6.7094 Chinese yuan renminbi) (Reporting by Shu Zhang in Singapore and Julie Zhu in Hong Kong; Additional reporting by Kane Wu; Editing by Christopher Cushing and Muralikumar Anantharaman)

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