People's Insurance Co. (Group) of China Ltd. posted a 4.8% rise in net profit for the third quarter, as higher premiums and investment income offset a rise in paid claims.

The Beijing-based insurance company said Wednesday that net profit for the period rose to 6.13 billion yuan ($914.2 million) from CNY5.85 billion a year ago.

Net earned premiums rose 4.7% to CNY125.84 billion, while total operating income rose 6.6% to CNY142.79 billion, it said. Paid claims in the quarter rose to CNY82.83 billion from CNY75.16 billion a year ago.

For the first nine months of the year, net profit fell to CNY18.74 billion from CNY21.37 billion, PICC said.

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(END) Dow Jones Newswires

10-28-20 0706ET