Premiums growth boosts PICC's H1 net profit by 24%
Source: Bloomberg News |
August 21, 2012, Tuesday
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Print Edition
Print Edition
PICC Property & Casualty Co, China's biggest non-life insurer, said first-half profit rose 24 percent as premiums income gained and underwriting profitability improved.
Net income climbed to 6.53 billion yuan (US$1.03 billion), or 0.533 yuan a share, from 5.3 billion yuan, or 0.452 yuan, a year earlier, the Beijing-based insurer said in a statement to the Hong Kong stock exchange yesterday.
Premiums growth, and controls on claims and expenses helped Chairman Wu Yan offset the impact of stock-market declines on PICC's equity holdings. China Life Insurance Co, the nation's biggest insurer, has flagged a "relatively large" drop in first-half profit on lower investment returns, while China Pacific Insurance (Group) Co yesterday reported a 55 percent slump in net income as trading losses jumped.
Net income climbed to 6.53 billion yuan (US$1.03 billion), or 0.533 yuan a share, from 5.3 billion yuan, or 0.452 yuan, a year earlier, the Beijing-based insurer said in a statement to the Hong Kong stock exchange yesterday.
Premiums growth, and controls on claims and expenses helped Chairman Wu Yan offset the impact of stock-market declines on PICC's equity holdings. China Life Insurance Co, the nation's biggest insurer, has flagged a "relatively large" drop in first-half profit on lower investment returns, while China Pacific Insurance (Group) Co yesterday reported a 55 percent slump in net income as trading losses jumped.
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