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Ping An Insurance Nine-Month Net Profit Fell 21%

   By Yi Wei Wong 
 

Ping An Insurance (Group) Co. of China Ltd. reported that its net profit for the first nine months of the year fell 21%, due to impairments made on investments related to China Fortune Land Development.

The Chinese insurer reported Wednesday that its net profit in the period was 81.64 billion Chinese yuan ($12.79 billion), compared with CNY103.04 billion in the same period a year earlier. Operating profit rose to CNY118.74 billion, compared with CNY108.69 billion.

Long-term growth opportunities are emerging from the Covid-19 pandemic, which has driven up demand for health-management and insurance services, the insurer said.

Ping An Insurance will focus on growing its finance and healthcare segments in order to drive business growth, it said.

 

Write to Yi Wei Wong at yiwei.wong@wsj.com

 

(END) Dow Jones Newswires

October 27, 2021 05:36 ET (09:36 GMT)

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