Ping An Ins posts 6.8pc rise in Q1 profit

BEIJING/SHANGHAI, Aug 22 (Reuters): Ping An Insurance (Group) Co of China reported a 6.8 per cent rise in first-half net profit, driven by growth in new insurance policies and its move to secure long-term investments amid market volatility.

The Chinese insurance giant posted net profit of 74.62 billion yuan ($10.46 billion) up from 69.84 billion yuan in the same period last year, according to a filing released on Thursday.

China's economy continued to recover in the first half despite "lackluster domestic demand, travail in replacing old growth drivers with new ones, capital market fluctuations and mounting external uncertainties", the company said in its filing.