April 29, 2019 / 9:30 AM / 3 months ago

China's Ping An Insurance posts 77 pct rise in Q1 profit

SINGAPORE/BEIJING, April 29 (Reuters) - Ping An Insurance (Group) Co of China Ltd , the country’s largest insurer by market value, posted a 77 percent rise in first-quarter net profit on strong investment returns driven by a capital market recovery.

Ping An, the only insurer in Asia deemed globally systemically important by regulators, said net profit came in at 45.52 billion yuan ($6.76 billion) for the first three months of the year, versus 25.70 billion yuan in the same period last year.

$1 = 6.7322 Chinese yuan renminbi Reporting By Shu Zhang in SINGAPORE and Cheng Leng in BEIJING; Editing by Himani Sarkar

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