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China Taiping Insurance posts YOY rise in FY'17 profit amid higher premiums

China Taiping Insurance Holdings Co. Ltd. reported a 27% year-over-year increase in net profit for the year ended Dec. 31, 2017.

Net profit attributable to the company's owners rose to HK$6.14 billion from HK$4.83 billion in the year-ago period, on the back of higher premiums. Full-year EPS rose to HK$1.636 from HK$1.274.

By comparison, the S&P Capital IQ consensus mean estimate for 2017 normalized and GAAP EPS was HK$1.57 and HK$1.52, respectively.

Net premiums written and policy fees for the period jumped to HK$172.65 billion from HK$144.65 billion, while net earned premiums and policy fees rose to HK$170.19 billion from HK$143.57 billion. The insurer's net investment income came to HK$20.90 billion, up from HK$17.71 billion.

However, net unrealized investment gains and impairment surged to HK$1.18 billion, from HK$225.3 million in the year-ago period.

For 2017, the group said profit attributable to owners from its life insurance business grew 24.6% year over year to HK$4.80 billion, from HK$3.86 billion in 2016.