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China Insurance Announces 10 percent Rise in Turnover
China Insurance International Holdings Company Limited Tuesday announced a turnover rise of over 10 percent of the first interim results after its listing in June this year.
The company, the only listed flagship of China Insurance Group, registered a total turnover of 350 million HK dollars (44.87 million U.S. dollars) in the past six months ended on June 30, 10.5 percent higher than the same period in 1999.
However, profit attributable to shareholders was 47 million HK dollars (6.02 million U.S. dollars), 4.9 percent lower than the same period last year, according to Yang Chao, chairman of the group.
During the first half this year, the company achieved the gross premium on non-proportional reinsurance, proportional reinsurance and life reinsurance of 107.7 million HK dollars (13.8 million U.S.dollars), 231.8 million HK dollars (29.7 million U.S. dollars) and 3.6 million HK dollars (0.46 million U.S. dollars) respectively, which translate to a 20 percent, 4.4 percent and 119 percent increase from the same period last year.
"The significant increase showed a sign of the economic recovery in Hong Kong and Asian markets," Yang told a press conference.
Looking forward, Yang said the company's management firmly believed that with the recovery in the underlying economy and enormous business opportunities of the insurance market in China, his company is expected to grow substantially.
"The group is in the process of setting up representative offices in Beijing and Shanghai to promote its business," Yang said.
"Meanwhile, by establishing strategic alliances with China Reinsurance Company and China Life Insurance Company, we plan to develop assets management and reinsurance business," he added.
Yang said, "although the investment income from the company's listed investment portfolio may be influenced by the overall stock market conditions in the coming months, we are looking forward to achieving satisfactory results for the whole year as the major components of the company's investment portfolio consists of debt securities and cash."
The company is well-positioned to benefit from the rapid growth of China's insurance market and its entry into the World Trade Organization, the chairman concluded.
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