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March 15, 2016 at 01:59 PM
(Bloomberg) — Ping An Insurance (Group) Co., China’s second-biggest insurer, said profit rose 38 percent last year as investment returns from stock trading expanded and banking revenue increased.
See also: What U.S. life insurance agents can learn from China
Net income climbed to 54.2 billion yuan ($8.3 billion) from 39.3 billion yuan a year earlier, the company said in a statement to the Hong Kong stock exchange on Tuesday. The profit compares with the 54.1 billion yuan median estimate by 22 analysts surveyed by Bloomberg.
The insurer benefited from volatility in the nation’s stock market. Total investment income nearly doubled to 103.2 billion yuan, the company said in the statement. The benchmark Shanghai Composite Index surged more than 50 percent in the first half of last year before faltering in the second half, dropping 30 percent from the June peak.
