China

China Pacific Insurance Reports RMB 136.89 Bln in Premium Income for First Five Months; Up 24.3% YoY

Summary:

  • In a recent statement submitted to the Shanghai Stock Exchange, China Pacific Insurance (601601.SS/2601.HK) announced that the company’s total premium income from January 1 to May 31, 2017 was RMB 136.887 billion.
  • Premium income from the firm’s life insurance business totaled RMB 93.746 billion.
  • Premium income from its property insurance business totaled RMB 43.14 billion.

Why It Matters:

  • For the same period in 2016, total premium income was RMB 110.14 billion, with RMB 68.66 billion coming from the firm’s life insurance business and RMB 41.48 billion coming from its property insurance business.
  • Earlier, the company reported a 9% decrease in net profit to RMB 2 billion for the first quarter of 2017, and a 29.9% increase in revenue to RMB 108.4 billion.