OREANDA-NEWS. Ping An Insurance (Group) Company of China, Ltd. announces the unaudited results of the Company and its subsidiaries for the nine months ended September 30, 2013.

The global economy turned around in the third quarter of 2013, but its outlook remained uncertain. China's overall economic development was stable, with structural adjustments and transformational upgrades proceeding smoothly, reforms gaining traction and the financial market remaining relatively stable. While maintaining stability in operations and healthy growth in business, Ping An stepped up its focus on innovating its integrated financial services model.

The Company maintained a stable and healthy growth in terms of its overall performance. The Company's net profit attributable to shareholders of the parent company for the first three quarters of 2013 amounted to RMB23,339 million, up 45.1% over the same period last year. As at September 30, 2013, equity attributable to shareholders of the parent company was RMB179,973 million, 12.8% higher over the beginning of the year. Total assets reached RMB3,248,769 million, representing an increase of 14.2% over the beginning of the year.

Our life insurance business recorded a stable and healthy growth, while the quality of our property and casualty insurance business remained sound, and our annuity business maintained its leading position in the industry. For the first three quarters of 2013, the life insurance business realized RMB173,817 million in written premiums, up 10.3% over the same period last year, among which written premiums for individual life insurance business reached RMB155,777 million, up 12.3% over the same period in 2012. The business of Ping An Property & Casualty grew steadily in the first three quarters and realized a premium income of RMB83,542 million, up 13.1% over the same period last year. The quality of business remained sound with a combined ratio of 95.8%. Our corporate annuity business also achieved a healthy growth with asset scale and management fees income leading the market.

Our banking business made more inroads in its strategic reform and steadily grew its business scale. Ping An Bank stepped up its strategic reforms and consistently promoted its business, such as investment banking, retail banking, microfinance, credit cards, automobile finance and trading finance. Meanwhile, by bolstering our online integrated financial services platform, we promoted the development of our traditional business on the electronic and online fronts. In the first three quarters, Ping An Bank achieved a net profit of RMB11,696 million, up 13.0% over the same period last year and contributed a profit of RMB6,020 million to the Group, up 14.8% over the same period last year. As at September 30, 2013, Ping An Bank's total assets was about RMB1.86 trillion, representing an increase of 15.5% over the beginning of 2013. Total deposits and total loans amounted to RMB1.25 trillion and RMB0.83 trillion, representing an increase of 22.6% and 15.5%, respectively as compared with the beginning of the year. Its trade finance facilities balance was RMB337.3 billion, up 17.4% over the beginning of the year, while micro-loans balance exceeded RMB80 billion.

The number of credit cards in force (CIF) reached 13.3 million; and the automobile finance balance was about RMB43.1 billion. Non-performing loan ratio was 0.96% as the quality of credit assets remained stable and risk was under control.