News Snapshot:
BEIJING: Ping An Insurance Group Co of China, China's largest insurer by market value, reported a 15.5 per cent fall in first-half net profit after a 20.8 billion yuan (US$3.2 billion) loss suffered on investments in beleaguered developer China Fortune Land Development. The results come after the insurer said in April it made 18.2 billion yuan of provisions for impairment losses on China Fortune, as it revealed a total 54 billion yuan exposure to the indebted property developer. "Ping An made adjustments including impairment provisions, valuation adjustments, and other equity adjustments totalling 35.9 billion yuan to investments related to China...
