Ping An Insurance sees 4.5% Q1 profit gain as economy recovers

BEIJING/SHANGHAI, April 22 (Reuters) - Ping An Insurance (Group) Co of China Ltd saw a 4.%% rise in first-quarter net profit as offline sales recovered from a coronavirus-induced slump, China’s largest insurer by market value reported on Thursday.

Profit rose to 27.2 billion yuan ($4.2 billion) for the January-March quarter, it said in a statement filed to the Hong Kong stock exchange.

Last year Ping An suffered its first annual profit fall since 2008.

The group earlier reported a 5.4% fall in first-quarter gross premium income to 243.8 billion yuan.

$1 = 6.4881 Chinese yuan renminbi Reporting by Cheng Leng in Beijing, Zhang Yan and Engen Tham in Shanghai; editing by Stephen Coates and Jason Neely