Insurer sees 55% slump in H1 net income
Source: Bloomberg News |
August 20, 2012, Monday
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Print Edition
Print Edition
CHINA Pacific Insurance (Group) Co, the nation's third-biggest insurer, said first-half profit slumped 55 percent as investment income fell and premiums expansion slowed.
Net income dropped to 2.64 billion yuan (US$415 million), or 0.31 yuan a share, from 5.8 billion yuan, or 0.68 yuan, a year earlier, the company said in a statement to the Hong Kong stock exchange yesterday.
The Shanghai Composite Index tumbled almost 20 percent in the year ended June 30 as China's economic growth cooled, eroding the value of insurers' equity holdings. China's growth slowed for a sixth quarter in the three months to June 30 as trade and manufacturing decelerated.
Net premiums earned were 53.96 billion yuan for the six months ended June 30, 1.7 percent higher from 53.08 billion yuan a year earlier, according to the statement.
Pacific Insurance's investment income totaled 7.58 billion yuan in the first half, falling 10 percent from 8.41 billion yuan a year ago, the Shanghai-based insurer said.
Net income dropped to 2.64 billion yuan (US$415 million), or 0.31 yuan a share, from 5.8 billion yuan, or 0.68 yuan, a year earlier, the company said in a statement to the Hong Kong stock exchange yesterday.
The Shanghai Composite Index tumbled almost 20 percent in the year ended June 30 as China's economic growth cooled, eroding the value of insurers' equity holdings. China's growth slowed for a sixth quarter in the three months to June 30 as trade and manufacturing decelerated.
Net premiums earned were 53.96 billion yuan for the six months ended June 30, 1.7 percent higher from 53.08 billion yuan a year earlier, according to the statement.
Pacific Insurance's investment income totaled 7.58 billion yuan in the first half, falling 10 percent from 8.41 billion yuan a year ago, the Shanghai-based insurer said.
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