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China Pacific Insurance reports YOY increase in FY'17 profit

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China Pacific Insurance reports YOY increase in FY'17 profit

China Pacific Insurance (Group) Co. Ltd. reported an year-over-year increase in net profit for the year ended Dec. 31, 2017.

The insurer said net profit attributable to its equity holders rose to 14.66 billion yuan from 12.06 billion yuan in the previous year. EPS grew to 1.62 yuan from 1.33 yuan.

The S&P Capital IQ consensus GAAP and normalized EPS estimates for the insurer's Hong Kong-listed shares were 1.73 yuan and 1.71 yuan, while the GAAP and normalized EPS estimates for the Shanghai-listed shares were both 1.66 yuan.

Net premiums earned increased to 263.55 billion yuan from 219.57 billion yuan in 2016. The insurer's gross written premiums for 2017 rose to 281.64 billion yuan from 234.02 billion yuan a year ago.

Investment income climbed to 52.66 billion yuan from 43.88 billion yuan in 2016.

Meanwhile, total benefits, claims and expenses in 2017 grew to 298.38 billion yuan from 250.01 billion yuan in the prior year. As of the end of 2017, the group's solvency margin ratio stood at 284%, compared to 294% a year earlier.

The insurer's board proposed a final dividend of 80 fen per share for 2017, up from 70 fen per share for 2016. Subject to shareholder approval, the 2017 dividend is expected to be paid Aug. 8.

As of March 28, US$1 was equivalent to 6.30 Chinese yuan.