Ping An Insurance Group Co of China Ltd., the country’s second-largest insurer in terms of market value, announced on Wednesday its largest annual profit in over a decade, driven by strong sales.
The company met analysts’ forecasts, posting a 15% increase in annual net profits, the highest since 2003. In the year ended December 2016, the insurer had a net profit of RMB62.4 billion (US$9.06 billion), which is just around the estimate of RMB62.3 billion.
Life insurance premiums rose 25% to RMB373.78 billion (US$54.27 billion) while net investment yields for property and casualty insurance grew by 6.8% last year, exceeding its 6.3% growth rate in 2015.
