Ping An Jan-Sept net profits up 31%

SHANGHAI -- Ping An Insurance (Group) Company, China's second-largest insurer, reported a net profit of 38.67 billion yuan ($6.3 billion) in the first nine months of this year, up 31 percent

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year on year, according to its third quarter financial report released on Tuesday.

Written premiums for Ping An's life insurance business in the first nine months reached 191.7 billion yuan, up 15 percent year on year, according to the report.

Net profits for its banking business during the same period reached 15.7 billion yuan, up 34 percent from the previous year, it said.

Its assets held in trust reached 377 billion yuan by the end of June, up 34 percent from the beginning of this year, it said.

Ping An, established in 1988 and listed both in Hong Kong and Shanghai, is the first insurance company in China to adopt a shareholding structure. It has developed into a personal integrated financial services group with insurance, banking and investment as its three core businesses.

Ping An was ranked 128th in Fortune Magazine's Global 500 Leading Companies list in 2014.