CPIC not expected to issue preferred stock
Print Edition
CHINA Pacific Insurance (Group) Co, the country’s third-largest insurer, does not plan to issue preferred shares after the insurer reported a 82.4 percent jump in net profit last year although its solvency declined.
Pan Yanhong, CPIC’s finance director and vice president, yesterday attributed the drop in solvency ratio of over 20 percentage points to losses in the value of bonds last year. She estimated solvency to remain stable this year.
She said the company has no plan to issue preferred shares to replenish capital in the short term, but will further study the matter after the China Securities Regulatory Commission released operational details for the funding option last week.
Preferred shares have priority over common shares in dividend payments and liquidation proceedings, but holders of the former have no voting rights in most cases.
CPIC on Sunday said net profit jumped 82.4 percent year on year to 9.3 billion yuan (US$1.5 billion) in 2013.
Its life insurance solvency ratio, which measures a company’s ability to meet long-term obligations, declined 20 percentage points to 191 percent and that for its property insurance unit shed 26 percentage points to 162 percent.
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