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Ping An Insurance reports 48.9% rise in Q1 net profit

China's largest insurer by market value, Ping An Insurance (Group), reported a 48.9% rise in net profit for Q1, reaching RMB38.4bn (USD5.5bn) due to improved investment income. The company attributed the increase to a steady recovery of household consumption in China, while the global capital markets remained volatile amid a complex international environment. Ping An's gross written premiums rose 2.1% to RMB133.1bn, while the number of retail customers increased by 0.9% to RMB228.6m. The insurer is the largest shareholder of HSBC, and the two companies have been publicly feuding since last November when Ping An called on the bank to hive off its profitable Asia business.


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