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China Pa Aseptic valves cific Insurance forecasts 60% decline in H1 profit

China Pa Aseptic valves cific Insurance forecasts 60% decline in H1 profit
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China Pacific Insurance forecasts 60% decline in H1 profitPublished: 13 Jul 2009 00:00:12 PST

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Jul. 13, 2009 (China Knowledge) - China Pacific Insurance (Group) Co<601601>, the country's third largest life insurer by premiums, on Friday said that it estimated its net profit for the first half of this year at RMB 2.2 billion, a drop of about 60% year on year, due to a decline in investment income.

The insurer predicted that its earnings per share would stand at RMB 0.29.

Although the Shanghai-based company attributed to the profit decline to a year-on-year drop in investment income, one industry insider said that another major reason for the profit plunge was a year-on-year fall in the company's premium income.

In the first five months of this year, China Pacific's unaudited life insurance premium income totaled RMB 29.6 billion, down 9.88% year on year, while its property insurance premium income increased 18.50% from a year earlier to RMB 15.2 billion, according to an earlier report from China Knowledge.

The Shanghai Securities News reported earlier that the insurer plans to launch an initial public offering (IPO) in Hong Kong and will hold a board of directors meeting in August to discuss the listing plan.

China Pa Aseptic valves cific Insurance forecasts 60% decline in H1 profit

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