Ping An Profit Jumps as Economic Recovery Boosts Income
- Net income rose 49% to $5.6 billion in first three months
- China’s first quarter economy grew at fastest pace in a year
The Ping An International Financial Center in Beijing, China.
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Ping An Insurance (Group) Co., China’s second-largest insurer by market value, said first-quarter profit jumped as the nation’s economic recovery boosted demand and investment returns.
Net income climbed 49% to 38.4 billion yuan ($5.6 billion) in the three months ended March 31, from a restated 25.8 billion yuan a year earlier, the Shenzhen-based company said in a filing to the Hong Kong stock exchange Wednesday. The company revised financial results for the same period last year due to changes in accounting rules, it said.