Ping An net jumps 36pc to 119b yuan

Ping An Insurance (2318) saw its net profit jump by 36 percent to 119.2 billion yuan (HK$130.3 billion) for the first nine months this year from a year ago, after a stock-market rally bolstered investment returns at China's second-largest insurer by market value.

Operating profit, which the insurer says better reflects performance by stripping out short-term investment volatility and one-time items, rose 5.5 percent.

A 17 percent rally in the mainland's blue-chip index CSI 300 Index this year through September 30 has bolstered the value of Chinese insurers' stock holdings. Ping An's insurance funds investment portfolio reached an annualized comprehensive investment yield of 5 percent in the first nine months this year, up 1.3 percentage points from the same period a year ago.

Meanwhile, Chinese online lender Lufax (6623), backed by Ping An, swung to a net loss of 725 million yuan in the third quarter, compared to a profit of 131 million yuan a year earlier.

Agencies and staff reporter