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Ping An Insurance's premium income up 7.3% in Q1

Apr. 16, 2012 (China Knowledge) – Ping An Insurance (Group) Co<601318><2318>, China's second-largest insurer by premium income, has said that its insurance premium income amounted to RMB 74.58 billion in the first three months of this year, reflecting a year on year increase of 7.3%, source reported.

During the period from January to March, the group's life insurance unit, Ping An Life Insurance Co Ltd, realized RMB 48.44 billion in premium income, said the insurer in a statement filed with Shanghai Stock Exchange.

Premium income of its property and casualty insurance unit was RMB 24.23 billion in the first three month of 2012.

The group's health insurance unit and annuity insurance unit recorded premium income of RMB 52.65 million and RMB 1.86 billion during the three-month period.

Last year, the insurer saw its premium income reached RMB 285 billion, up 31.4% year on year, and its net profit rose 12.5% year on year to RMB 19.48 billion last year, driven by increases in revenues from banking and insurance businesses, China Knowledge reported earlier.

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