Insurer turns profitable
Source: Agencies |
October 29, 2009, Thursday
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Print Edition
Print Edition
PING An Insurance Co of China Ltd, one of the country's biggest insurers, said yesterday it swung to a profit in the third quarter, rebounding from a loss last year on its ill-fated investment in European bank Fortis NV.
Ping An, based in the southern Chinese financial center of Shenzhen, said profit for the three months ended September 30 was 3.4 billion yuan (US$493 million), or 0.43 yuan per share, compared with a 7.9 billion yuan loss a year earlier.
Total quarterly revenue soared more than 255 percent to 39.7 billion yuan on strong growth in premium income and profits from stock market trading, Ping An said in a statement released through the Hong Kong stock exchange.
"Our insurance business maintained a rapid yet healthy growth and the market share of property and casualty insurance and life insurance businesses both increased," the insurer said. However, it cautioned that fourth-quarter performance might be affected by instability in the global economy and fluctuations in Chinese financial markets.
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