People's Insurance Company (Group) of China (HKG:1339, SHA:601319) expects net profit attributable to equity holders of the parent between 33.8 billion yuan and 37.9 billion yuan for the first three quarters of this year.

The expected net profit indicates an increase between 65% to 85% compared with the 20.5 billion yuan logged for the corresponding period last year, a Tuesday filing with the Hong Kong Exchange said.

The company attributed the increase in its net profit for the nine months ended Sept. 30 to its optimized business structure, an increase in investment income during the reviewing period, and the impact of the recovery of the capital market.

The insurance company's shares closed nearly 6% lower on Tuesday.

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