China’s Ping An Insurance reports 31.2% decline in Q3 profit
October 27, 2021
SHANGHAI/BEIJING (Reuters) – Ping An Insurance Group Co of China Ltd, the country’s largest insurer by market value, posted a 31.2% fall in third-quarter net profit as premium income shrank on a weak economy and lower investment returns from the property sector.
Net profit fell to 23.6 billion yuan ($3.69 billion) in the three months to September 30 from 34.4 billion a year earlier, according to Reuters calculation based on the company’s exchange filing on Wednesday.
(Reporting by Zhang Yan, Cheng Leng and Engen Tham; editing by Jason Neely)