Insurance giant Ping An Insurance (Group) Company of China announced last Friday that its net profit grew by 17.4% in the first nine months of 2017 to CNY66.32 billion (US$9.97 billion).
The increase is attributed largely to a surge in new business value generated in the life and health classes. The group's revenue rose by 22.2% on-year to CNY723.98 billion.
Separately, the country's biggest life insurer, China Life, almost doubled the net profit attributable to equity holders. This stood at CNY26.8 billion for the first nine months, reflecting 98.3% year-over-year growth. The gains were fuelled mainly by higher investment income.
Meanwhile, another major Chinese insurer, China Pacific Insurance (Group) reported a 24% on-year increase in its net profit for the first nine months of the year as premium income rose. Net profit in the January-to-September period totalled CNY 10.93 billion, compared with CNY8.83 billion in the same period of last year, the insurance firm said in a filing with the Hong Kong Exchange. Gross written premium rose 24% on year to CNY233.57 billion.