Ping An Insurance 1Q Net Profit Up 11% on Year

Ping An Insurance (Group) Co. of China Ltd. (2318.HK) said its first-quarter net profit rose 11% from a year earlier, driven by higher premium income.

China's second-largest life insurer by premiums said Thursday its net profit rose to 23.05 billion yuan ($3.34 billion) in the first three months of the year from CNY20.7 billion a year earlier.

The Shenzhen-based insurer said its net earned premiums for the first-quarter rose 34% from a year earlier to CNY197.20 billion, while value of new business rose 60% to 21.26 billion yuan.

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(END) Dow Jones Newswires

April 27, 2017 20:27 ET (00:27 GMT)