Ping An profit falls as market decline hurts investment returns
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Ping An Insurance reported a 7.4% decline in profit for Q1, with net income falling to 25 billion yuan due to a downturn in China's stock market. Operating profit increased by 7.6%. The CSI 300 Index's nearly 4% drop impacted insurers' stock portfolios, leading to an average 20% decrease in net income for listed Chinese insurers, although new business value is expected to rise by at least 15% due to strong demand for savings products.
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