PING An Insurance (Group) Co said its profit topped 3.96 billion yuan (US$512 million) in the first quarter, boosted by rising returns from stock market investments.

Earnings per share were 0.59 yuan at the end of March 31, Ping An said in a statement to the Shanghai Stock Exchange yesterday. It is the first time for the Shenzhen-based insurer to report three-month earnings since selling US$5 billion worth of shares in Shanghai in February.

The insurer didn't provide year-ago figures. Investment income was 13.3 billion yuan in the first quarter while net earned premiums, which excludes money paid to reinsurers, totalled 24.4 billion yuan.