Statistics

CPIC's 2009 net profit surges 186% on rising revenue

(Xinhua)
Updated: 2010-04-19 10:35

BEIJING - China Pacific Insurance (Group) Co Ltd (CPIC) on April 18 said its 2009 net profit surged by 186.3 percent year-on-year, fueled by strong earnings in insurance and better assets management.

Net profit hit 7.36 billion yuan ($1.08 billion) in 2009 on revenue of 104.31 billion yuan which was up 29.1 percent from 2008, according to its annual report filed with the Shanghai Stock Exchange.

Earnings per share climbed 187.9 percent to 0.95 yuan in 2009.

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The company attributed last year's strong performance to the balanced development of its businesses including life insurance, property insurance, asset management and endowment insurance.

Premium revenue of life insurance grew 29.6 percent year-on-year and that of property insurance rose 23 percent, the report said.

The Shanghai-based company showed confidence about its business growth in 2010 partly due to China's solid economic recovery and the moderately loose monetary policy and proactive fiscal policy the country adopted, which it said "will lay a sound policy foundation for the development of China's insurance industry".