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China Pacific upbeat for 15% growth in 2011
By Zhang Fengming |
March 28, 2011, Monday
|
Online Edition
Online Edition
CHINA Pacific Insurance (Group) Co Chairman Gao Guofu said he expected the insurer's 2011 premiums to grow at least 15 percent. The company posted a 16.3 percent profit increase last year on growing premiums.
"China's economic growth and rising individual income are boosting the growth of insurance industry," said Gao today in Hong Kong. "We expect the industry to grow faster than economic growth."
Net income of the Shanghai-based company rose to 8.56 billion yuan (US$1.3 billion), or 1 yuan a share, from 7.36 billion yuan a year earlier. That compared with the 7.85 billion yuan median estimate of 10 analysts surveyed by Bloomberg News.
Gross written premiums at the third biggest insurer in China rose 41.7 percent to 87.9 billion yuan last year.
In 2010, China Pacific boosted premium income at a pace 10 percentage points faster than the industry average to grab more market share. The company accounted for 9.9 percent of China's insurance market last year, 0.8 percentage points more than a year ago. It trails behind China Life Insurance and Ping An Insurance.
China Pacific's investment income grew 33 percent year on year to 16.95 billion yuan last year though the benchmark Shanghai Composite Index fell 14 percent.
Fixed-income investment contributed to about 80 percent of the company's total investment portfolio, Pacific Asset Management Co Chief Executive Office Yu Yeming said yesterday in Shanghai.
"China's economic growth and rising individual income are boosting the growth of insurance industry," said Gao today in Hong Kong. "We expect the industry to grow faster than economic growth."
Net income of the Shanghai-based company rose to 8.56 billion yuan (US$1.3 billion), or 1 yuan a share, from 7.36 billion yuan a year earlier. That compared with the 7.85 billion yuan median estimate of 10 analysts surveyed by Bloomberg News.
Gross written premiums at the third biggest insurer in China rose 41.7 percent to 87.9 billion yuan last year.
In 2010, China Pacific boosted premium income at a pace 10 percentage points faster than the industry average to grab more market share. The company accounted for 9.9 percent of China's insurance market last year, 0.8 percentage points more than a year ago. It trails behind China Life Insurance and Ping An Insurance.
China Pacific's investment income grew 33 percent year on year to 16.95 billion yuan last year though the benchmark Shanghai Composite Index fell 14 percent.
Fixed-income investment contributed to about 80 percent of the company's total investment portfolio, Pacific Asset Management Co Chief Executive Office Yu Yeming said yesterday in Shanghai.
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