China Pacific Q1 profit up 33.9%

China Pacific Insurance (Group) Co<601601>, in which private equity company Carlyle Group holds a 17.3% stake, posted a net profit of RMB 1.79 billion for the first quarter of this year, representing a rise of 33.9% from a year earlier, with every share wining RMB 0.23.

Operating revenue soared 59% year-on-year to hit RMB 33.53 billion, said the third-largest insurer in the country in a filing with the Shanghai Stock Exchange. Premium contributed RMB 26.91 billion to the total revenue, up 62.8% over a year earlier.

For the same period, investment proceeds climbed 76.9% to RMB 6.99 billion. But the insurer suffered a loss of RMB 416 million in fair value amid volatility in the securities market, compared with RMB 513 million gains a year earlier.

Its total assets amounted to RMB 306.94 billion by the end of March, down 0.7% from end-2007.