Ping An 2012 profits grow mildly

BEIJING -- Ping An Insurance (Group) Co, one of China's major insurers, posted mild growth of its net profits in 2012, propped up by its banking businesses.

The company's net profits increased 3 percent year on year to 20.05 billion yuan ($3.2 billion) in the last year, according to its annual business report filed on Thursday with the Shanghai Stock Exchange.

By the end of 2012, its total assets jumped 24.5 percent to 2.84 trillion yuan from the same period last year, the report showed.

Ping An Bank contributed the most to its parent company. Its net profits surged 65.9 percent year on year to 13.23 billion yuan in 2012, with 6.87 billion yuan turned over to the group.

Earnings per share stood at 2.53 yuan in the year, slightly up from 2.5 yuan of 2011.

However, the group extended losses of 9.52 billion yuan for its investment in the last year, dragged down by the lackluster domestic stock market.