BEIJING - Ping An Insurance Group, one of China's major insurers, said Wednesday its 2010 net profit rose by 23.9 percent year on year to 17.94 billion yuan ($2.73 billion).

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Total assets rose 25.2 percent from a year earlier to 1.17 trillion yuan by the end of last year, according to its annual business report filed with the Shanghai Stock Exchange.

Earnings per share climbed 21.7 percent to 2.3 yuan in 2010.

In the report, the company attributed its booming profit mainly to surging earnings from its insurance, banking businesses.