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China Pacific's H1 profit down 54.6%

Aug. 21, 2012 (China Knowledge) - China Pacific Insurance (Group) Co Ltd<601601><2601>, a major insurer in the country, has announced its net profit attributable to shareholders dropped 54.6% YoY to RMB 2.64 billion in the first half of this year.

The company said the huge decrease in net profit was due to lower investment income and slower business growth.

Basic earnings per share for the period were RMB 0.31, less than RMB 0.68 it realized in the first half of 2011.

From January to June, the insurer saw its insurance premium income amounted to RMB 90.51 billion, up 4.2% YoY, comprising RMB 55.23 billion from its life insurance unit and RMB 35.25 billion from property insurance unit, up 1.2% and 9.2% YoY, respectively.

As of June 30, 2012, the company's investment assets totaled RMB 586.61 billion, up 12.26% than at the end of last year.

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