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Issuing preferred shares not on China Pacific's agenda
Online Edition
China Pacific Insurance (Group) Co said it has no plan to issue preferred shares after the company reported a jump in profits and declining solvency.
Pan Yanhong, finance director and vice president, today attributed a more than 20 percentage points drop in solvency ratio to losses in bond values last year.
Pan estimated solvency to remain stable this year.
She said the company has no plan to issue preferred stocks to replenish capital in the short term, but will further study the policies after the China Securities Regulatory Commission released details for the funding option last week.
Preferred shares have priority over common shares in dividend payments and liquidation proceedings, but holders of preferred shares have no voting rights in most cases.
CPIC on Sunday said net profit jumped 82.4 percent to 9.3 billion yuan. The solvency ratio for its life insurance unit dropped 20 percentage points to 191 percent and that for property sector shed 26 percentage points to 162 percent.
Shares of CPIC gained 0.3 percent today to 15.80 yuan, compared with a 0.4 percent drop by the Shanghai Composite Index.
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