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China Pacific Insurance expects 2009 profit to surge 400%

(Xinhua)
Updated: 2010-02-01 11:11
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BEIJING: China Pacific Insurance Group Co, the country's third largest insurer, said Jan 30 its net profit is estimated to grow at least 400 percent in 2009 from a year ago.

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The profit surge is boosted by the steady expansion in its insurance business and strong gains in investment, the company said in a preliminary report posted on the website of the Shanghai Stock Exchange before its annual report release.

The insurer also attributed the sharp increase to a change in China's accounting standards required by the Ministry of Finance from the end of last year.

The company's 2008 net profit was 1.34 billion yuan ($196 million). Earning-per-share was 0.17 yuan.
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