China's Ping An Insurance Q3 profit rises 49.7%

Credit: REUTERS/BOBBY YIP

Ping An Insurance Group Co of China Ltd,, the country's largest insurer by market value, posted a 49.7% jump in third-quarter net profit on a steady increase in retail customers.

BEIJING/SHANGHAI, Oct 24 (Reuters) - Ping An Insurance Group Co of China Ltd 2318.HK, 601318.SS, the country's largest insurer by market value, posted a 49.7% jump in third-quarter net profit on a steady increase in retail customers.

Net profit rose to 31.9 billion yuan ($4.51 billion) in the quarter to September 30 from 21.3 billion yuan a year earlier, Ping An said in a stock market filing in Hong Kong on Thursday.

Ping An Insurance Group is the controlling shareholder of Ping An Bank 000001.SZ, which reported a 16% rise in third-quarter net profit.

($1 = 7.0716 Chinese yuan renminbi)

(Reporting by Cheng Leng in Beijing and Engen Tham in Shanghai; editing by Jason Neely)

((cheng.leng@thomsonreuters.com; +8610-5669-2129;))

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