China

China Pacific Insurance Reports RMB 208.71 Bln in Premium Income for First Eight Months; Up 22.78% YoY

Summary:

  • In a recent statement submitted to the Shanghai Stock Exchange, China Pacific Insurance (601601.SS/2601.HK) has announced that the company’s total premium income from January 1 to August 31, 2017 was RMB 208.71 billion.
  • Premium income from the firm’s life insurance business totaled nearly RMB 140 billion.
  • Premium income from its property insurance business totaled RMB 68.73 billion.

Why It Matters:

  • For the same period in 2016, total premium income was RMB 169.99 billion, with RMB 106.56 billion coming from the firm’s life insurance business and RMB 63.43 billion coming from its property insurance business.
  • Earlier, the company reported a 6% increase in net profit to RMB 6.51 billion for the first half of 2017, and a 22.7% increase in revenue to RMB 177.56 billion.