No plan for funds
By Feng Jianmin |
March 27, 2012, Tuesday
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Print Edition
Print Edition
CHINA Pacific Insurance Co, the country's third-largest insurer, yesterday said it does not plan to raise funds after posting a slight fall in 2011 net profit.
By the end of last year, the company's solvency ratio fell 73 percentage points from a year ago to 284 percent as the shrinking value of investment reduced company assets. Gao Guofu, chairman of CPIC, said yesterday in Shanghai that the ratio is still above the regulatory requirement of 150 percent and that the company has no fundraising plan this year.
CPIC said on Sunday that its profits fell 2.9 percent to 8.31 billion yuan (US$1.3 billion).
By the end of last year, the company's solvency ratio fell 73 percentage points from a year ago to 284 percent as the shrinking value of investment reduced company assets. Gao Guofu, chairman of CPIC, said yesterday in Shanghai that the ratio is still above the regulatory requirement of 150 percent and that the company has no fundraising plan this year.
CPIC said on Sunday that its profits fell 2.9 percent to 8.31 billion yuan (US$1.3 billion).
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