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Chinese insurer Ping An reports $493M profit

Chinese insurer Ping An reports $493M profit

Ping An Insurance Co. of China Ltd., one of the country's biggest insurers, said Wednesday it swung to a profit in the third quarter, rebounding from a loss last year on its ill-fated investment in European bank Fortis NV.
Ping An, based in the southern Chinese financial center of Shenzhen, said profit for the three months ending Sept. 30 was 3.4 billion yuan ($493 million), or 0.43 yuan (7 U.S. cents) per share, compared with a 7.9 billion yuan loss a year earlier.
Total quarterly revenue rose more than 255 percent to 39.7 billion yuan ($5.8 billion) on strong growth in premium income and profits from stock market trading, Ping An said in a statement released through the Hong Kong stock exchange.
"Our insurance business maintained a rapid yet healthy growth and the market share of property and casualty insurance and life insurance businesses both increased," the company said.
It cautioned that fourth quarter performance might be affected by instability in the global economy and fluctuations in Chinese financial markets.
"Although the global economy shows signs of stability, a fullscale recovery will still be a long, zigzag and complicated course. The Chinese economy is to face many uncertainties and instabilities," the company said.
Ping An's performance last year was hurt by a 22.8 billion yuan loss on its stake in Fortis, which ran into trouble after global credit markets froze. It was broken up and sold by the Dutch, Belgian and Luxembourg governments.
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On the Net:
http://www.pingan.com/investor/en/index.jsp


Updated : 2020-12-04 01:08 GMT+08:00