Taiping Insurance to Sell Ming An on HKD42.27mn Loss in H1

Taiping Insurance Company Ltd. issued an interim report recently, showing net profit hit HKD 603 million, growing 9.6% over the same period of a year earlier.

However, its controlling subsidiary The Ming An Insurance Co., (China) Ltd. witnessed net loss of HKD 42.27 million in the first half of this year from the property insurance business. This is said to be one major reason that Taiping Insurance wants to sell the subsidiary.

A top executive at Taiping Insurance disclosed that the company's plan to sell the subsidiary is still waiting for approval and the deal is predicted to be completed within this year.

Actually, The Ming An Insurance lost HKD 42.47 million last year. According to the interim report, the company witnessed premium revenue of HKD 900 million in the first half of this year, growing 24.3% over the same period of a year earlier. However, due to too high comprehensive cost ratio of 110%, the company lost HKD 64 million from undertaking.