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CPIC profit rise 19% in 2014
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CHINA Pacific Insurance (Group) Co said its yearly profit rose 19.3 percent to 11.1 billion yuan(US$) in 2014 due to rising life insurance premiums and investment returns, but performed poorly in property and casualty insurance on Monday.
The country's third largest insurer added 3.8 percent year on year to 98.7 billion yuan in life insurance unit's income, with new business value, a measure of the present value of future business for life insurers, up 16.3 percent to 8.7 billion yuan from a year ago, the company said in a statement yesterday.
Its income from property and casualty insurance sector rose 13.8 percent to 93 billion yuan annually, but the sector suffered underwriting loss as the combined ratio, which measures profitability, rose 4.3 percentage points to 103.8 percent, the annual report showed.
The ratio of the sector rose above 100 percent for the first time in six years, meaning the insurer is paying out in claims more than receiving premiums in 2014, and the five largest insurance products including car insurance and agriculture insurance all fell to gain profits among the sector, according to company's chairman Gao Guofu.
"We feel sorry and worried as the property and casualty insurance performed badly last year challenges over risk and claim management," Gao told at a conference hold in Shanghai today, "We are confident, though, pulling the ratio back below 100 percent by the end of 2015."
Gross investment return increased 1.1 percentage points to 6.1 percent in 2014 due to the bull run in Shanghai Stock Exchange in the second half of the year, with total asset under management rose 21.6 percent to 910.5 billion yuan, Yu Yemign, chief executive officer of Pacific Asset Management Co said.
By the end of 2014, CPIC's life insurance solvency ratio, a key measure telling a company's ability to meet long-term obligations, rose 27 percent to 218 percent and that for its property insurance unit added 15 percent to 177 percent.
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