Net income at Ping An Insurance rose to RMB 21.4 billion (US$3.5 billion) up from RMB 17.9 billion a year ago, Bloomberg reported, with China’s second-largest insurer crediting a 34% profit increase at its subsidiary Ping An Bank and higher premiums for the boost. Ping An Bank said last week that first-half profit rose to 10 billion yuan after fee income doubled and loan margins widened. Ping An Insurance said premiums earned climbed 22 percent, the company said. Total investment income fell 12 percent even as net investment income, comprised mainly of interest and dividends, climbed 23 percent.
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