China Pacific Insurance (Group) Co. Ltd, the country's third-largest insurer, said Friday its third-quarter profits dropped 64.4 percent to 886 million yuan (132.24 million U.S. dollars) from the same period last year.

Further, profits in the first three quarters expanded 20.78 percent to 4.91 billion yuan, the bank said in its business report filed with the Shanghai Stock Exchange.

But the report did not explain reasons for the quarterly drop.

Total assets of the insurer expanded to 456.83 billion yuan (68.18 billion U.S. dollars) by the end of September, up 15 percent from the end of 2009.

Insurance business revenues stood at 108.1 billion yuan in the first three quarters.

Shares of China Pacific Insurance closed 1.07 percent lower at 25.85 yuan in Shanghai Friday.