Business / Insurance market

CPIC profit off 2.9% in 2011

By Gao Changxin ( Updated: 2012-03-26 17:18

China Pacific Insurance (Group) Co Ltd (CPIC),China's third largest insurer, has no plans to raise money from the capital market in the foreseeable future, chairman Gao Guofu said on Monday.

"We are not short of capital. What we have right now is sufficient to put us through this year," Gao told a press conference in Shanghai.

CPIC's profit dipped 2.9 percent last year, dragged down by equity investment losses in the fourth quarter, Gao said.

The insurer generated a profit of 8.3 billion yuan from 157.9 billion in operating income last year. Excluding non-recurring gains and losses, the company's net was around 7.3 billion yuan, down 14.6 percent from last year.

The company's figures were strong in the first three quarters, with profit growing 43.1 percent year-on-year. But profit in the fourth quarter plummeted 64.5 percent to about 1.3 billion yuan, as the company sold equity investments at a loss and impairment losses increased.

For the year, the insurer's rate of return on investment was 3.7 percent, down 1.6 percent.

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