Insurance giant's net profit up 40%

Ping An Insurance (Group) reported 28.15 billion yuan ($4.6 billion) in net profit in 2013, a surge of 40 percent year-on-year. [Photo by Shi Yan / Asianewsphoto]

Chinese insurance giant Ping An Insurance (Group) reported 28.15 billion yuan ($4.6 billion) in net profit in 2013, a surge of 40 percent year-on-year.

Its insurance business is still the key driver of the group's profit, while its banking business as a percentage of the total is increasing significantly, according to the company's annual report issued Thursday night.

Revenue from the company's insurance business increased 10 percent, reaching 219.36 billion yuan. Its banking business earned profit of 7.81 billion yuan in 2013, up 13.6 percent.

The group is also aiming to offer Internet financing while keeping the high-speed development of its current businesses.

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