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China Pacific Insurance posts YOY increase for FY'18 net profit

China Pacific Insurance (Group) Co. Ltd. posted a 22.9% year-over-year increase in full-year 2018 profit.

The company reported net profit attributable to equity holders of the parent of 18.02 billion yuan, compared to 14.66 billion yuan in 2017. Basic EPS rose to 1.99 yuan from 1.62 yuan.

Gross written premiums grew year over year to 321.90 billion yuan from 281.64 billion yuan. Net premiums earned climbed to 299.72 billion yuan from 263.55 billion yuan.

Investment income declined to 50.00 billion yuan from 52.66 billion yuan.

China Pacific's group comprehensive solvency margin ratio was 301% at the end of 2018, up from 284% at Dec. 31, 2017. Meanwhile, the group core solvency margin ratio was 292% at 2018-end, up from 280% a year earlier.

As of March 22, US$1 was equivalent to 6.72 Chinese yuan.