Ping An is rising

China’s second-largest insurer Ping An is making a profit and distancing itself from the competition, but for how long? The good: net profit rose 4% in the first quarter, as new business surged by almost 40%, thanks in part to the insurer’s rapidly growing P&C book of business. The bad: that same P&C book grew just 4% in the first quarter, compared with the industry’s 11% premium growth. The ugly: the insurer’s life and banking businesses have seen greener days.