Ping An Insurance (Group) Co., China’s second-largest insurer by market value, said profit dropped 6.3% in the first nine months as a slump in the stock market hurt investment returns and an economic slowdown hampered sales.
Net income fell to 76.5 billion yuan ($11 billion) in the nine months ended Sept. 30, the Shenzhen-based company said Wednesday. That compares with a 3.9% gain in the first half.
China’s slumping stock market is adding to the challenges at Ping An, which is going through a painful reform at its core insurance arm. It’s also grappling with weakening demand amid the pandemic and a slowing economy.
