China Pacific Insurance (2601.HK, 601601.SH), the nation’s third-largest insurer, saw its net profit nearly triple in 2009 to reach US$1.08 billion thanks to the rally in the domestic stock market, Bloomberg reported. The company, which raised US$3.1 billion through a share sale in Hong Kong in December, said its investment income more than doubled to US$2.8 billion. Equities accounted for 12.3% of the company’s portfolio as of December 31, up 7.5 percentage points from a year ago. Net premiums rose 27% to US$12.3 billion. China Pacific, which is part-owned by US private equity firm Carlyle Group, was last year overtaken by Ping An (2318.HK, 601318.SH) as the country’s second-largest property insurer by gross premiums. It also fell behind Taikang Life Insurance and New China Life Insurance in the life insurance market in the first quarter of 2010, according to Sun Ting, an analyst at Shenyin & Wanguo Securities.
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