China’s Ping An Insurance reports 43% Q1 profit fall hurt by coronavirus

BEIJING, April 23 (Reuters) – Ping An Insurance (Group) Co of China Ltd,, the country’s largest insurer by market value, posted a 42.7% fall in first-quarter net profit as the outbreak of coronavirus disrupted its businesses.

Ping An said net profit fell to 26.063 billion yuan ($3.68 billion) in the January-March quarter from 45.52 billion a year earlier.

$1 = 7.0794 Chinese yuan renminbi
Reporting by Zhang Yan, Cheng Leng in Beijing and Engen Tham
in Shanghai; editing by Jason Neely