Good and bad for China Pacific
By Feng Jianmin |
August 30, 2011, Tuesday
|
Print Edition
Print Edition
CHINA Pacific Insurance has announced higher profits but declining capital adequacy due to a volatile capital market.
The first-half profits of China's third-largest insurer rose nearly 45 percent from a year ago to 5.82 billion yuan (US$912 million) boosted by improved management and cost-controlling measures, the company said. The profits include 479 million yuan from the sale of 50 percent of Pacific-Antai Life Insurance.
China Pacific's solvency ratio, a measure of a company's ability to meet its obligations and thereby remain solvent, fell to 298 percent by the end of June from 357 percent at the end of last year.
Yu Yeming, general manager, said: "We increased our investment in fixed-interest assets in the first half as the stock market was weak amid economic uncertainties and the bond market shrank after frequent interest rate increases."
The return on investment was 4.4 percent in the first half, 0.1 of a percentage point higher than last year, the company said.
The first-half profits of China's third-largest insurer rose nearly 45 percent from a year ago to 5.82 billion yuan (US$912 million) boosted by improved management and cost-controlling measures, the company said. The profits include 479 million yuan from the sale of 50 percent of Pacific-Antai Life Insurance.
China Pacific's solvency ratio, a measure of a company's ability to meet its obligations and thereby remain solvent, fell to 298 percent by the end of June from 357 percent at the end of last year.
Yu Yeming, general manager, said: "We increased our investment in fixed-interest assets in the first half as the stock market was weak amid economic uncertainties and the bond market shrank after frequent interest rate increases."
The return on investment was 4.4 percent in the first half, 0.1 of a percentage point higher than last year, the company said.
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