BEIJING - China's Ping An Insurance Corp said its 2009 net profit surged by 879 percent year-on-year, boosted by strong earnings in insurance and other businesses.
Net profit hit 13.88 billion yuan ($2.03 billion) in 2009 on revenue of 147.84 billion yuan which was up 36.2 percent from 2008, according to its annual report filed with the Shanghai Stock Exchange.
Earnings per share climbed 895 percent to 1.89 yuan in 2009.
The company said the strong performance partly stemmed from its increasing share of domestic life insurance market which rose to 16.5 percent from 14 percent.
The booming profit was also attributable to surging earnings from its banking, investment, securities and asset management businesses, according to the statement.
Ping An held an optimistic outlook for 2010 because of China's solid economic recovery, but also said the changing macroeconomic picture would make the operating environment of the financial industry increasingly complicated, posing great challenges to its long-term steady development.