Ping An Insurance (Group) Co, China's second biggest life insurer, said its net profits soared 140 percent in the first half of the year.

Its net profits reached 9.97 billion yuan (US$1.31 billion), from 4.17 billion yuan in the same period of last year, according to the first-half report from the Shenzhen-based company.

The jump in profits was mainly boosted by strong performance in the company's insurance, securities and banking businesses.

Net profits on life insurance rose 70 percent to 6.02 billion yuan in the first half, while those on property insurance soared 140 percent to 760 million yuan.

The insurance giant, which acquired Shenzhen Commercial Bank last year, saw its first-half banking profits climbing to 1.09 billion yuan from 1 million yuan a year ago.

Meanwhile, its securities arm racked up 676 million yuan, compared with 174 million yuan a year ago, thanks to the rising turnover in the bullish stock market.

By the end of June, the Hong Kong and Shanghai-listed company had 617.8 billion yuan in total assets, up 24.9 percent year on year.