Ping An Profit Falls on Weak Sales and Market Turmoil

China’s falling stock market is adding to the challenges at Ping An, which is going through a painful reform at its core insurance arm. Photo: Bloomberg

(Bloomberg) — Ping An Insurance (Group) Co. of China Ltd., China’s second-largest insurer by market value, posted a 31.5% drop in third-quarter profit as a stock-market slump hurt investment returns and an economic slowdown hampered sales.

Net income fell to 16.2 billion yuan ($2.3 billion) in the three months ended Sept. 30, the Shenzhen-based company said in a filing to the Shanghai Stock Exchange Wednesday. That compares with a 3.9% gain in the first half, and a 22% decline projected by China International Capital Corp. Ltd. analysts led by Mao Qingqing.