Ping An Insurance (Group) Company of China has announced that its net profit rose by 19.7% year-on-year in the first three quarters to CNY79.4bn ($11.4bn).

However in the third quarter, net profit declined by 6.9% to CNY21.3bn, according to a statement the insurer filed with the Hong Kong Exchanges and Clearing Limited (HKEX).

For the January to September period, the value of Ping An's new business in life and health insurance stood at CNY55.425bn, up by 3.2% year on year, while the third-quarter value of such new business gained 10.9% in 2018 compared with that a year ago.

Ping An is China's largest insurer by market value.

China Life

China Life Insurance, the country's biggest life insurer, last week reported a 76% plunge in third-quarter net profit due to lower equity income amid a volatile domestic stock market. Net profit dropped to CNY3.45bn in 3Q2018, down from CNY14.6bn in the corresponding quarter a year earlier, according to a statement lodged with the Hong Kong Stock Exchange.

For the first nine months of this year, China Life posted a 26% fall in net profit to CNY19.87bn. Premium income for the first three quarters of this year stood at CNY468.5bn, a year-on-year increase of 4%.