Insurer net gains
By Leo Zhang |
April 20, 2010, Tuesday
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Print Edition
Print Edition
CHINA Pacific Insurance (Group) Co said yesterday its 2009 net profit nearly tripled from a year before as investment returns increased, thanks to a booming stock market.
Pacific Insurance, the country's No.3 insurer, said its net income was 7.36 billion yuan (US$1.01 billion) last year, compared with a restated 2.57 billion yuan in 2008.
Pacific Insurance, partly held by Carlyle Group, said its investment income last year more than doubled to 19.3 billion yuan, from a restated 8.1 billion yuan in 2008. Net premiums in 2009 rose 27 percent year on year to 84.1 billion yuan, it said.
Pacific Insurance, the country's No.3 insurer, said its net income was 7.36 billion yuan (US$1.01 billion) last year, compared with a restated 2.57 billion yuan in 2008.
Pacific Insurance, partly held by Carlyle Group, said its investment income last year more than doubled to 19.3 billion yuan, from a restated 8.1 billion yuan in 2008. Net premiums in 2009 rose 27 percent year on year to 84.1 billion yuan, it said.
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