China’s Ping An said profit fell 7.4% in Q1, due to declines in the country’s stock market denting investment returns.
Net income dropped to 25 billion yuan from 27 billion yuan a year earlier.
Operating profit rose by 7.6% however, with the insurer stating that this better reflects performance as it strips out short-term investment volatility.
China’s benchmark CSI 300 Index slid almost 4% during the quarter, weighing on the value of insurers’ stock portfolios after the industry expanded equity holdings last year.
