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China Pacific Insurance posts 81% plunge in net profit for Q1

Apr. 28, 2012 (China Knowledge) - China Pacific Insurance (Group) Co Ltd<601601><2601>, a major insurer in the country, has said that its net profit fell 81.10% year on year to RMB 652 million in the first quarter of this year.

The company saw its revenue from insurance business climb 2.6% year on year to RMB 49.39 billion in the first quarter.

Revenue from life insurance business dropped 0.7% year on year to RMB 32.08 billion in the first three months, while that from property insurance grew 9.3% to RMB 17.29 billion.

China Pacific Insurance said earlier that its net profit declined 2.9% year on year to RMB 8.31 billion in 2011, dragged down by a decrease in investment income.

The company's operating revenue rose 11.5% year on year to RMB 157.93 billion last year.

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