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CPIC (601601.SH) 2014 net profits up 19.3 pct y-o-y to RMB11 bln

2015-03-30 GMT+8:00

BEIJING, Mar. 30 (Xinhua) -- China Pacific Insurance (Group) Co., Ltd (CPIC; 601601.SH), one of the largest insurers in China, announced on Sunday that its net profits grew 19.3 percent from a year ago to 11.049 billion yuan in 2014.

According to the insurer's 2014 financial report with the Shanghai Stock Exchange, operating revenue of the insurer stood at 219.778 billion yuan in 2014, up 13.8 percent year on year.

Meanwhile, its net assets totaled 117.131 billion yuan, up 18.4 percent year on year; and its weighted average return rate of net assets came to 10.3 percent, an increase of 0.8 percentage point from a year ago.

Total assets of CPIC amounted to 910.542 billion yuan by the end of 2014, up 21.6 percent from end-2013.

Comprehensive cost ratio of the insurer's property insurance business reached 103.8 percent in 2014, the first underwriting loss in the latest six years.

The CPIC expressed that it will take concrete measures to strengthen control over comprehensive cost ratio in the future.  (Edited by Hou Yujie,