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China Pacific Insurance FY'16 net profit declines 32%

China Pacific Insurance (Group) Co. Ltd. reported a 32% year-over-year decline in net profit, partly on a decline in investment income.

Net profit attributable to equity holders fell to 12.06 billion yuan from 17.73 billion yuan the previous year, while EPS fell to 1.33 yuan from 1.96 yuan.

Net premiums earned jumped to 219.57 billion yuan from 189.38 billion yuan in 2015. Net written premiums rose to 220.37 billion yuan from 189.90 billion yuan in 2015, while gross written premiums went up to 234.02 billion yuan from 203.31 billion yuan.

Investment income fell to 43.88 billion yuan from 55.29 billion yuan in 2015.

As of the end of 2016, the group's solvency margin ratio stood at 294%, down from 299% a year earlier.

The company's board proposed a final dividend of 70 fen per share to be paid out Aug. 16, subject to shareholder approval, down from the prior-year final dividend of 1 yuan per share.

As of March 29, US$1 was equivalent to 6.89 Chinese yuan.