China’s Ping An Insurance posts 26.4% fall in first-quarter profit

SHANGHAI/HONGKONG(Reuters) -Ping An Insurance (Group) Co of China Ltd reported a 26.4% decline in first-quarter net profit on Friday.

The Chinese insurance giant’s net profit for the three months to March 31 was 27.02 billion yuan ($3.71 billion), down from 36.71 billion yuan a year earlier.

($1 = 7.2857 Chinese yuan renminbi)

(Reporting by Engen Tham, Selena Li and Ziyi TangEditing by David Goodman)