China Pacific Insurance net profit down 81% in 2008

CHINA Pacific Insurance, one of the country's largest insurers, announced yesterday that its net profit dropped 80.6 percent to 1.339 billion yuan (US$196 million) in 2008.

The Shanghai-based insurer attributed the profit decrease to the sluggish stock market performance and the large amount of insurance indemnity after several natural disasters last year.

However, the premium income of the company rose 26.6 percent to 94.02 billion yuan, said the firm in its 2008 annual report.

Its life insurance premium income increased 30.4 percent to 66.09 billion yuan last year, ranking the third in the domestic market. Its property insurance premium rose 18.7 percent to 27.88 billion yuan, making it the second largest among its peers.