Insurer sees 15% climb in revenue
By Zhang Fengming |
March 29, 2011, Tuesday
|
Print Edition
Print Edition
CHINA Pacific Insurance (Group) Co expects revenue from insurance to grow at least 15 percent this year, faster than the nation's economic growth, Chairman Gao Guofu said.
The insurer's net profit tapped growing premiums to rise 16.3 percent in 2010.
"China's economic growth and rising individual income are helping the insurance industry to expand," said Gao in Hong Kong yesterday. "We expect the industry to grow faster than (the nation's) economic growth."
Net income of the Shanghai-based company rose in 2010 to 8.56 billion yuan (US$1.3 billion), or 1 yuan a share, from 7.36 billion yuan, or 0.95 yuan a share, a year earlier. The median estimate of 10 analysts surveyed by Bloomberg News was for 7.85 billion yuan in net profit.
Gross written premiums at the third biggest insurer in China rose to 139.6 billion yuan in 2010, up 44.9 percent from a year earlier.
In 2010, China Pacific's premium income rose by 10 percentage points faster than the industry average.
The insurer accounted for 9.9 percent of the insurance market in China last year, up 0.8 percentage point from a year ago.
The insurer's net profit tapped growing premiums to rise 16.3 percent in 2010.
"China's economic growth and rising individual income are helping the insurance industry to expand," said Gao in Hong Kong yesterday. "We expect the industry to grow faster than (the nation's) economic growth."
Net income of the Shanghai-based company rose in 2010 to 8.56 billion yuan (US$1.3 billion), or 1 yuan a share, from 7.36 billion yuan, or 0.95 yuan a share, a year earlier. The median estimate of 10 analysts surveyed by Bloomberg News was for 7.85 billion yuan in net profit.
Gross written premiums at the third biggest insurer in China rose to 139.6 billion yuan in 2010, up 44.9 percent from a year earlier.
In 2010, China Pacific's premium income rose by 10 percentage points faster than the industry average.
The insurer accounted for 9.9 percent of the insurance market in China last year, up 0.8 percentage point from a year ago.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
