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China Pacific Insurance Reports First Half Financials

Has posted a profit of approximately RMB2.36 billion for the half year, a decline of 57.1%

China Pacific Insurance (Group), a life insurance company which is 17.3%-owned by private-equity firm, Carlyle Group, has posted a decline in profits for the first half year ended June 30, 2009.

The company has posted a profit of approximately RMB2.36 billion for the first half of 2009, a decrease of approximately 57.1% as compared to the profit of RMB5.51 billion posted in the first half of 2008.

The decrease was due to a decline in the investment income. According to the company’s interim report, the company’s earnings per share was approximately RMB0.31.

For the first six months, the company has revealed an investment income of RMB8.96 billion, which shows around 38.9% decline in the investment income when compared to the same period in 2008. The firms equity investment ratio has increased by around 4.7%, which is around 8.8% for the year ended June 30, 2009.

For the company’s life, property and casualty units, the insurance premiums decreased to approximately RMB45.04 billion from 47.57 billion in the first half of the previous year.