BEIJING -- Ping'an Insurance Co, China's second-largest insurer, said Friday its first-half net profits rose 9.4 percent year-on-year to 13.96 billion yuan ($2.21 billion).

The performance is better than expectations against a cooled economic background, but the net profits growth is much slower than a 32.7-percent increase seen in the same period last year.

Life premium revenues amounted to 114.84 billion yuan in the first half of 2012, up a slender 2 percent year-on-year. Property premium revenues reached 48.75 billion yuan, surging 19.7 percent over the same period in 2011, according to a statement Ping'an filed to the Shanghai Stock Exchange.

Its banking business contributed to a profit of 3.47 billion yuan in the January-June period, helped by a 52.38-percent stake in Shenzhen Development Bank that the company bought in 2011.

Earnings per share stood at 1.76 yuan in the six months, up from 1.67 yuan at the same period a year earlier.

The company's gross assets expanded 15.7 percent from the beginning of the year to 2.64 trillion yuan by the end of June.

Ping'an's shares closed 0.39 percent lower on Friday, at 40.87 yuan per share.