China P&C Reinsurance H1 investment returns at 376 mln yuan - report |
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Tue, 14 Aug 2007 06:33
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BEIJING (XFN-ASIA) - China Property & Casualty Reinsurance Co, a unit of China Reinsurance Group, booked investment gains of 376 mln yuan in first six months to June, a rise of 157 pct compared with its full-year results last year, the China Insurance News reported.The company had ceded premium income of 6.035 bln yuan in the first half, with total assets exceeding 15 bln yuan at end-June, the report said.It added that China P&C Reinsurance's ceded premium income was 9.795 bln yuan in full-year 2006, accounting for 58.23 pct of the total property premium income ceded to reinsurers in China.The company will accelerate the development of the reinsurance business in the areas of liability, agriculture and natural catastrophes, the report added.In July, the China Insurance Regulatory Commission (CIRC) approved China Reinsurance Group's purchase of a further 22.06 pct stake in China P&C Reinsurance, bringing the parent's total holding to 71.72 pct.Meanwhile, the Beijing Tourism Group put up its entire 11.03 pct stake in China P&C Reinsurance for sale, with China Reinsurance Group expected to bid for the stake.Earlier this year, Central Huijin, the central bank's investment arm, approved the injection of 4 bln usd worth of capital into China Reinsurance, with the group expected to seek a dual listing in Hong Kong and Shanghai.(1 usd= 7.58 yuan)allen.shu@xfn.comals/kmqxfnals/xfnkmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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