Empire-building yields huge profits

Surge in A-share market brings handsome returns for once-obscure Anbang Insurance

Anbang Insurance Group Co Ltd, the Chinese insurer known for its high-profile purchase of New York's famed Waldorf Astoria hotel, has reported explosive profit growth for 2014, which analysts said was fueled by its surging premium income and investment returns.

The net profit of Anbang's life insurance business reached 8.48 billion yuan ($1.37 billion), more than 34 times the year-earlier level, the company said in its financial statement on Wednesday.