Chinese insurer Ping An Insurance said its net earnings of the first quarter on 27 April. Its profit went down 71.3% year on year to 303.5 million U.S. dollars (2.072 billion yuan). The company’s premium income was boost up 42.2% year on year in the initial three months to 40.14 billion yuan.

However, Authority did not detail what the reasons behind drop the net profit for the first quarter. In a statement, it said company’s net profit in last year declined 94.4% from one year ago to 873 million yuan as a result of rising insurance claims. Most of claims were caused by several severe natural disasters alongside stock market fluctuation. It is the second largest insurance company in China by market value.

Related tags

,ping profits ,2340 ,ping profits 2009 ,reasons of companys profit drop

Related posts:

1. Nippon Life Insurance Company Buys AIG Building