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China Re sees H1 profit climb on higher investment income, underwriting profit

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China Re sees H1 profit climb on higher investment income, underwriting profit

China Reinsurance (Group) Corp. recorded first-half profit attributable to equity shareholders of the parent of 3.32 billion Chinese yuan, up from 2.33 billion yuan a year ago.

The increase was attributed to the impact of an increase in investment income and underwriting profit, as well as the addition of income from Chaucer during the current period.

EPS climbed year over year to 8 fen from 5 fen. Gross written premiums jumped to 84.77 billion yuan from 66.31 billion yuan, while net written premiums grew to 78.81 billion yuan from 60.89 billion yuan in the first half of 2018. Net premiums earned increased to 73.08 billion yuan from 56.41 billion yuan.

The year-on-year growth in gross written premiums was mainly attributable to the development of protection-type business of life and health reinsurance and financial reinsurance business and the addition of premium income from Chaucer.

Net investment income rose to 6.03 billion yuan from 5.15 billion yuan mainly due to growth in the size of total investment assets and the year-on-year growth in income from fixed-income investment and share of profits of associates.

As of Aug. 27, US$1 was equivalent to 7.16 Chinese yuan.