PING AN SEES NET PROFIT MORE THAN DOUBLING IN H1

Chinese insurer Ping An said today that its net profit was likely to increase by more than 100% in the first half of 2007, compared with the same period last year. In a statement to the Shanghai Stock Exchange. Chinese listed companies are required to issue announcements if they expect their profits to deviate from the year-earlier period by more than 50%. The insurer is scheduled to report first-half earnings on August 17. Ping An said that increases in investment income and a growth of both insurance and banking business had contributed to the rise in profit. Ping An recorded a net gain of 3.94bn yuan ($521m) in the first half of 2006. Ping An’s share price closed up nearly 4% at HK$65.70, having risen more than 8% in intra-day trading.