Ping An Insurance posts 36.1% rise in nine-month net profit

Ping An Insurance Group Co of China Ltd reported a 36.1% increase in net profit for the first nine months of the year, driven by higher investment returns and a surge in new policy sales amid economic recovery. The Chinese insurer posted a net profit of CNY119.18bn (USD17bn), it said in a filing. China's economy recovered steadily in the third quarter of 2024 despite short-term challenges, Ping An said. Retail customers rose 3.8% to 240.47 million by end-September. The investment portfolio achieved an annualised comprehensive investment yield of 5%, up 1.3 percentage points year-on-year. New business value of life and health insurance grew 34.1% to CNY35.16bn. Meanwhile, Ping An Bank reported a 2.8% year-on-year decline in third-quarter net profits.