China Taiping (HKG:0966) Sees Significant Drop in 2011 Profit


China Taiping Insurance Holdings (HKG:0966) expects its consolidated profit for the year ended 31 December 2011 to be substantially lower than that for the corresponding period in 2010.

TPRe, a wholly owned subsidiary of the company, will report an operating loss for the year ended 31 December 2011. This loss will be the first time of TPRe making loss since its incorporation in 1980, and is mainly due to significant claims relating to a few natural catastrophes occurring during 2011. Subject to audit adjustment, it is estimated that the unaudited loss after tax of TPRe for the year ended 31 December 2011 will be HK$94 million, compared to the audited profit after tax of HK$373 million in 2010, which incorporates an estimated net retained loss of HK$480 million in relation to the recent floods in Thailand. In addition, the investment income of the group will be lower primarily due to substantial declines in the PRC and Hong Kong securities investment markets during the year.

The company expects to release its annual results at the end of March 2012.


2005-2011 All Rights Reserved 京ICP备05069564号-1