Insurance News
- Ping An first-quarter profit US$512b
Date: 30-Apr-2007 Sources: (Shenzhen Daily)
PING An Insurance (Group) Co., about 17 percent owned by HSBC Holdings Plc., said Friday it had a profit of 3.96 billion yuan (US$512 million) in the first quarter as soaring returns from stock market investments boosted earnings.
The insurer, reporting three-month earnings for the first time after selling US$5 billion of shares in Shanghai in February, said it had earnings per share of 0.59 yuan. Ping An, China's second-biggest insurer, didn't provide year-ago figures for the three months to March 31 or say how much net income had risen.
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