CPIC net rockets 96pc to 16b yuan

Business | Kevin Xu 26 Aug 2019

China Pacific Insurance (Group) (2601) yesterday said its net profit for the six months ended June 30 skyrocketed 96.1 percent year-on-year to 16.18 billion yuan (HK$17.88 billion) due to favorable tax policies.

One of China's largest insurance groups, CPIC said the new business value of CPIC Life during the period fell by 8.4 percent to 14.93 billion yuan from a year before. Basic earnings per share were 1.79 yuan. Gross written premiums in the first half grew by 7.9 percent year-on-year to 207.81 billion yuan.

The value of in-force business in the first six months reached 177.65 billion yuan, up by 6.5 percent from the same period last year.

The emerging agricultural business in the first half reported primary insurance premiums of 4.31 billion yuan.

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