Ping An Insurance posted a 19.6% decline in its third-quarter net profit, as reported by the Chinese insurance giant in its latest financial results.

According to calculations from Reuters, the group recorded a net profit of CNY17.73 billion ($2.42 billion), down from CNY22.06 billion registered in the corresponding period last year. IOver the nine months concluding in September, Ping An noted a 5.6% decrease in net profit from the previous year.

In a filing, the group said that China’s economic recovery still faced challenges in Q3, and financial markets were still significantly volatile.

On the flipside, Ping also highlighted a 1.5% increase in the number of retail customers, reaching 229.93 million by the end of September compared to the previous year. The company also disclosed operating profits of CNY86.76 billion in its life and health insurance business during the initial nine months, signalling a 1.3% decline year-on-year.

Elsewhere in the country, China Life also said that its profit fell 36% in the first nine months of this year as stock-market declines and low bond yields weighed on investment returns.

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