China Pacific Insurance Profits Rise 3% to 8.3B Yuan In 2011


 China Pacific Insurance (601601, 2601.HK) posted a 2.9 percent year-on-year rise in 2011 net profits to 8.31 billion yuan, with EPS of 0.97 yuan, reports, citing a company filing. The company said that its market share was 10.8 percent. Revenue was up 11 percent year-on-year to 154.96 billion yuan.

At the end of 2011, the insurer had total assets of 570.61 billion yuan, up 19.9 percent from 2010, while net assets fell 4.4 percent to 76.8 billion yuan. Weighted average net assets hit 10.6 yuan per share, growing over 10 percent for the third year in a row.

At the end of 2011, China Pacific Insurance and its subsidiaries China Pacific Life Insurance and China Pacific Property and Casualty had solvency ratios of 284 percent, 187 percent and 233 percent, respectively.

Since its IPO, China Pacific has injected 25.61 billion yuan and 14.98 billion yuan into China Pacific Life Insurance and China Pacific Property and Casualty.

In late 2011, the parent issued eight billion yuan worth of subordinated bonds to boost China Pacific Life Insurance’s capital base.

China Pacific Life Insurance generated insurance income of 93.2 billion yuan, up 6.1 percent from 2010, for net profits of 3.18 billion yuan, down 31.1 percent.

China Pacific Property and Casualty generated net profit of 3.77 billion yuan on sales of 61.69 billion yuan in 2011, up 7.3 percent and 19.5 percent from 2010, respectively.

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