China Pacific Insurance's Attributable Profit Rises Despite Lower Revenue Growth

MT Newswires Live04-29

China Pacific Insurance's (HKG:2601, SHA:601601) net attributable profit increased in the first quarter despite revenue pressures.

The Shanghai-headquartered insurance giant reported a 4% increase in net profit in the first quarter to 10 billion yuan from 9.6 billion yuan, according to a late Tuesday disclosure to the Hong Kong Stock Exchange.

Earnings per share fell to 0.94 yuan from 1 yuan.

Revenue fell 1.2% to 92.5 billion yuan from 93.7 billion yuan.

Insurance revenue jumped 1% to 70.2 billion yuan from 69.6 billion yuan in the year-ago period.

The CPIC Life business saw insurance revenue rise 2.6% year over year to 21.6 billion yuan. Written premiums fell 2.8% to 116.3 billion yuan from 119.6 billion yuan. New regular premiums jumped 41% year over year to 18.9 billion yuan.

New business value at CPIC's life unit increased 9.6% to 6.37 billion yuan.

Agency channel premiums jumped 3.2% to 85.5 billion yuan from 82.9 billion yuan, while its bancassurance business premiums slid 22% to 20.9 billion yuan from 26.8 billion yuan.

Group channel premiums inched down 1.3% to 9.29 billion yuan from 9.42 billion yuan.

The property and casualty business' primary premium income slid 0.3% to 63 billion yuan, with revenue falling 0.2% to 47.8 billion yuan.

Shares closed 5% in Hong Kong and 4% higher in Shanghai during afternoon trading on Wednesday.

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