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China Pacific Insurance Jan-Aug Premium Revenue Down 1.01%

 

Wednesday, Sep 16,2009, 6:57:11 PM   Click:

China Pacific Insurance (Group) Co., Ltd. (SHSE: 601601 and CPIC) recorded CNY 68.4 billion in premium revenue for the first eight months of the year, down 1.01% from a year earlier, announced the Shanghai-listed insurance giant on September 15.

This is the 11th decline in premium since the life insurance unit was regrouped last October, according to CPIC. Premium revenue from its life insurance unit fell 12.6% year on year to CNY 5 billion in August, pressing the revenue in the first eight months down 9.9% to CNY 44.5 billion.

CPIC property insurance operation, on the other hand, saw its premium revenue climb 30.1% from a year ago to CNY 2.5 billion in August, driving its premium in the January-August period up CNY 21.4% to CNY 23.9 billion.

CPIC's decline in premium started to slow down from the second quarter of the year, pointed out an analyst at Shenyin & Wanguo Securities, noting that the premium from the reorganized life insurance operation is expected to bounce back in the future.

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