China Taiping net falls 57pc to $2.8b

Mainland state-owned insurer China Taiping Insurance (0966) said first half net profit plunged by 57.3 percent year-on-year to HK$2.88 billion.

The decline in net profit was mainly due to changes in tax policies in the mainland a year before, and the recognition of impairment loss during the period.

China Taiping did not declare an interim dividend. Basic earnings per share were HK$0.8.

Total premiums written and policy fees in the first half went down by 1.3 percent year-on-year to HK$137.07 billion. Net investment income in the first six months increased by 12.7 percent to HK$16.9 billion from a year before.

New business value in the first half plummeted by 57 percent year-on-year to 2.47 billion yuan (HK$2.77 billion).

Meanwhile, New China Life Insurance (1336) said net profit in the first half fell 22.1 percent year-on-year to 8.22 billion yuan.

First-half revenue rose 30.3 percent to 116 billion yuan from a year before.

New business value in the first half dropped 11.4 percent year-on-year to 5.22 billion yuan. Basic earnings per share were 2.63 yuan. NCL did not declare an interim dividend.