Ping'an Insurance net profit surges 52.4%

BEIJING - Ping'an Insurance Co on Tuesday announced that its net profit surged 52.4 percent year on year to 48.3 billion yuan ($7.6 billion) in the first three quarters of the year.

Business revenue came in at 473.2 billion yuan during the period, up 37.4 percent from a year earlier, according to a statement the insurer filed with the Shanghai Stock Exchange.

Even though China's economy has slowed, Ping'an said it had continued to follow a strategy that emphasized its core-finance business and the Internet-finance business, and maintained a stable, healthy growth in overall performance.

For the first nine months, earnings per share came in at 2.64 yuan.

The firm's share price gained 2.38 percent to end at 34.37 yuan on Tuesday.