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China's Ping An Insurance posts 4.2% drop in 2020 profit, beats estimates

BEIJING/SHANGHAI, Feb 3 (Reuters) - Ping An Insurance Group Co of China Ltd , China’s largest insurer by market value, reported a 4.2% drop in annual net profit on Wednesday but beat analysts’ forecasts.

Profit of 143.1 billion yuan ($22.16 billion) for the year ended December 31 was down from 149.4 billion, a statement filed to the Hong Kong stock exchange showed.

That topped the 133.5 billion average estimate by 24 analysts polled by Refinitiv.

$1 = 6.4568 Chinese yuan renminbi Reporting by Cheng Leng, Zhang Yan in Beijing and Engen Tham in Shanghai; editing by Himani Sarkar and Jason Neely

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