Virus bruises China Reinsurance investments

Business | 31 Mar 2020 5:35 pm

China Reinsurance (Group) Corporation (1508) said the coronavirus pandemic has an effect on the company's business but the risk is controllable, as the reinsurance market is less affected than the insurance market, said chairman Yuan Linjiang.

Yuan said the pandemic's impact on property and casualty insurance is also less than that of life insurance.

However, he said the coronavirus outbreak will affect  gross written premiums, especially motor insurance, and its offshore business unit Chaucer, acquired in 2018.

He said the pandemic has a big impact on the company’s investments and strategies need to be adjusted.

The insurer said net profit grew by 62.2 percent to 6.05 billion yuan in 2019. It declared a final dividend of 4.4 fen per share.

Revenue grew by 18.94 percent to 142.64 billion yuan last year.

The basic earnings per share were 14 fen. Gross written premiums increased by 18.6 percent to 144.97 billion yuan.

 

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