Insurer's net profit drops 39%
By Feng Jianmin |
March 25, 2013, Monday
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Print Edition
Print Edition
CHINA Pacific Insurance (Group) Co, China's third largest insurer, posted a 38.9 percent fall in net profit in 2012 from a year ago amid a weak market and strong competition.
Its net profit was 5.1 billion yuan (US$819 million) last year, down from 8.31 billion yuan in 2011, the firm said in a filing to the Shanghai Stock Exchange yesterday.
Life insurance premiums edged up 0.3 percent while property insurance premiums rose 13 percent annually, the company said.
Hua Sha, an analyst with Huatai Securities Co, said the insurer's premium revenue from the bancassurance channel may decline again this year due to competition posed by banks which offer similar products.
Its net profit was 5.1 billion yuan (US$819 million) last year, down from 8.31 billion yuan in 2011, the firm said in a filing to the Shanghai Stock Exchange yesterday.
Life insurance premiums edged up 0.3 percent while property insurance premiums rose 13 percent annually, the company said.
Hua Sha, an analyst with Huatai Securities Co, said the insurer's premium revenue from the bancassurance channel may decline again this year due to competition posed by banks which offer similar products.
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