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Ping An Insurance's net profit up 63.2% YOY through 9 months

Ping An Insurance (Group) Co. of China Ltd.'s net profit grew 63.2% year over year through the nine-month period ended Sept. 30.

Net profit attributable to shareholders of the parent company jumped to 129.57 billion Chinese yuan from 79.40 billion yuan in the prior-year period. Operating profit attributable to shareholders of the parent company expanded 21.5% to 104.06 billion yuan.

Operating profit at the life and health insurance business climbed 30.5% to 69.10 billion yuan from 52.95 billion yuan. The property and casualty insurance business' operating profit went up 75.5% to 14.25 billion yuan, due to a year-over-year increase in total investment income driven by a capital markets recovery and a year-over-year decrease in income tax expense attributable to declining commission rates.

Premium income increased to 196.88 billion yuan from 181.15 billion yuan. The business' combined ratio weakened slightly to 96.2% from 96.0% through nine months in 2018.

The Chinese insurer also announced a host of personnel changes. Gu Liji resigned as the chairman of the supervisory committee due to his age and will continue as an independent supervisor. Pan Zhongwu has resigned as the employee representative supervisor due to the insurer's work arrangements.

Sun Jianyi was elected to replace Pan as the employee representative supervisor and the next chairman of the supervisory committee.

Sun has stepped down as an executive director and senior vice chairman, effective Oct. 24, and Cai Fangfang has resigned as an executive director of the company. Ren Huichuan was elected vice chairman, and Xie Yonglin and Tan Sin Yin were nominated to replace Sun and Cai as executive directors.

Xie was elected as the president of the company, and Ren no longer serves in that capacity due to the company's work arrangements. Sun resigned as a senior vice president, effective Oct. 24. Cai and Huang Baoxin were elected as vice presidents.

The personnel changes are subject to regulatory approval.

As of Oct. 23, US$1 was equivalent to 7.06 Chinese yuan.