China's Leading Insurer Reports Rapid Growth

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Last updated at: (Beijing Time) Thursday, January 09, 2003

China's Leading Insurer Reports Rapid Growth

The China Pacific Insurance group (CPIC) based in bustling Shanghai Wednesday announced a net profits for 2002 of 459 million yuan (55 million US dollars), a year-on-year rise of 30.34 percent.

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The China Pacific Insurance group (CPIC) based in bustling Shanghai Wednesday announced a net profits for 2002 of 459 million yuan (55 million US dollars), a year-on-year rise of 30.34 percent.

Wang Guoliang, board chairman of the nation's first joint stock commercial insurance company, said the CPIC had retained a profit increase of over 30 percent for the fifth consecutive year.

The CPIC's total insurance premiums last year rose by 54.36 percent to 35.65 billion yuan (4.3 billion US dollars), according to the company's official press release.

Singling out the CPIC's life insurance, Wang said the business had made a profit in seven years since its initial launch, nearly one year earlier than the international average for life insurance,and "provides strong support to the whole group's rapid growth."

The CPIC statistics show that in 2002, its premiums for property insurance and life insurance increased by 20.59 and 74.19 percent respectively.

The CPIC has just completed expanding its stocks from 2.006 billion to 4.3 billion shares as authorized by the China Insurance Regulatory Commission.

The expansion, combined with an increased investment of 5.734 billion yuan (691 million US dollars), brings the insurer's total capital to 9 billion yuan (1.08 billion US dollars).

The group's solvency was greatly improved following the successful private fund-raising, Wang said.

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