BEIJING: Ping An Insurance (Group) Co of China, the country's second-largest insurer, said in a statement to the Shanghai Stock Exchange Saturday that its net profit in 2009 would grow over 1,500 percent over the 2008 level.
Special Coverage:2009 profit forecasts of listed companiesThe result is an unaudited one, and specific figures will be released in the upcoming annual report, it said.
Ping An attributed its soaring profit to its rapid and sound development in its insurance, banking and investment business, and a change in China's accounting standards required by the Ministry of Finance from the end of last year.
A lower comparison basis in the 2008 period had contributed to the surge as well, it said.
