Ping An Insurance Q3 profit doubles

(Reuters) — Ping An Insurance Group Co. of China Ltd., China’s second-largest insurer by market capitalization, reported on Tuesday its profits for the third quarter almost doubled on strong growth in its core life insurance business.

Net profit rose to 10.5 billion yuan ($1.72 billion) in the quarter ended September from 5.4 billion yuan ($888.4 million) a year ago, the company said in a stock market filing in Shanghai.

Chinese insurers’ financial results are prone to wild swings, due to the way they are required to mark the value of their investment portfolios to present market value.

China Life Insurance Co. Ltd. earlier reported a 22% rise in profits for the quarter on gains from its investment portfolio.

Banking unit Ping An Bank Co. Ltd. on Oct. 23 reported its third-quarter net profit rose 35% to 5.6 billion yuan ($915.0 million).