Ping An Profit Misses Estimates on China Stock Market Rout

(Bloomberg) — Profits of Ping An Insurance Group Co. fell 23% last year, missing analysts’ estimates as a slumping stock market hurt investment returns.

Net income dropped to 85.7 billion yuan ($11.9 billion), from a restated 111 billion yuan a year earlier, according to a statement to the Hong Kong stock exchange Thursday. That missed the 101.7 billion-yuan average estimate of 16 analysts surveyed by Bloomberg.