Ping An Insurance, the world’s second-largest insurer by market value, recorded a 99 per cent drop in net profit in 2008 thanks to huge losses from its stake in stricken European financial group Fortis.

The value of Ping An’s 4.8 per cent Fortis stake has dropped more than 90 per cent since it spent almost Rmb24bn ($3.5bn) in late 2007 and early 2008 to become the largest single shareholder.