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Pacific Insurance Reports 30 Percent Profit Growth
The Shanghai-based China Pacific Insurance Company Ltd., one of the major insurance firms in China, has reported an annual profit growth of 30 percent for three consecutive years.
The company accumulated 15.248 billion yuan in premiums last year and 540 million yuan in profit, a rise of 30 percent over year 1999.
The first national state-owned joint-stock commercial insurance company in China, Pacific ranked within 45 among the world's top 200 insurers, according to the latest rating by Standard & Poor's.
This result is due to the company's business strategy to meet the needs of the market and realize high profits. The company has also carried out a series of administrative and commercial reforms last year like opening China's first country-wide on-line insurance service.
The company has targeted 17.7 billion yuan in premiums this year, the realization of which will ensure the company a 10 percent market share in China.
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