CPIC posts 5% rise in H1 profits

Updated 2017-08-29 09:44:29 Shanghai Daily

Shares of China Pacific Insurance (Group) Co outperformed the market yesterday in Shanghai and Hong Kong after the company said first half profits rose 6 percent year on year to .5 billion yuan (8.84 million).

The results reversed a 45.6 percent decline in profits in the first six months of 2016.

Shares of CPIC rose 3 percent in Shanghai to close at 38.32 yuan and gained 1.5 percent in Hong Kong to HK.05 (.86).

The insurer's gross written premiums jumped 24.5 percent year on year to 163.79 billion yuan in the first half year, the highest in seven years, CPIC said.

The life unit's new business value — an indicator for expected profit from new premiums — surged by a record 59 percent anually on rapid growth of long-term protection business.

The property and casualty unit's combined ratio fell to 98.7 percent. The non-auto sector recorded profits for the first time in three years.

But the insurer's asset management business reported that annual total investment yield remained flat at 4.7 percent.

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