BEIJING - Ping An Insurance Group, one of China's major insurers, said Thursday its net profits last year rose 12.5 percent year-on-year to 19.48 billion yuan ($3.07 billion).

Total assets surged 95.1 percent from a year earlier to 2.29 trillion yuan by the end of 2011, according to its annual business report filed with the Shanghai Stock Exchange.

Earnings per share climbed 8.7 percent to 2.5 yuan in the year.

The company attributed its profit growth mainly to surging earnings from its insurance and banking businesses.