CPIC’s profit rises 19.3% on life premiums
Print Edition
CHINA Pacific Insurance (Group) Co said yesterday that its net profit rose 19.3 percent to 11.1 billion yuan (US$1.8 billion) in 2014 as its life insurance premiums and investment returns climbed, but it paid out more in claims in property and casualty insurance.
Its life insurance unit’s income added 3.8 percent year on year to 98.7 billion yuan, the country’s third-biggest life insurer said in a statement yesterday.
Although its income from property and casualty insurance rose 13.8 percent to 93 billion yuan, the sector suffered an underwriting loss as the combined ratio, which measures profitability, rose 4.3 percentage points to 103.8 percent, according to the statement.
The ratio rose above 100 percent for the first time in six years, indicating the insurer paid out more in claims than in premiums received in 2014.
The five largest insurance businesses, including those for car and agriculture, all failed to be profitable, according to company’s Chairman Gao Guofu.
“We feel sorry and worried as the property and casualty insurance performed badly last year due to challenges over risks and claims,” Gao told a conference in Shanghai yesterday. “We are confident, though, of reducing the ratio below 100 percent by the end of 2015.”
At the end of 2014, CPIC’s life insurance solvency ratio, a key gauge of an insurer’s ability to meet long-term needs, rose 27 percentage points to 218 percent and that for its property insurance added 15 points to 177 percent.
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