Symbols: LFC
BEIJING, Apr 01, 2010 (SinoCast Daily Business Beat via COMTEX) --
China Life Insurance Co. (China Life, 601628.SH, 2628.HK) and Ping An Life Insurance Company of China saw increasing incomes from the investment-linked insurance and participating insurance, and declining incomes from the universal insurance this February.
Based in Beijing as the country's biggest life insurer, China Life this February earned incomes of CNY 687 million from the universal insurance, down 28.35% compared to February 2009. In the month, the southern boomtown Shenzhen-based Ping An Life obtained incomes of CNY 5.44 billion from the universal insurance, a year-on-year decrease of 16.17%.
As the life insurance unit of Ping An Insurance (Group) Co. of China Ltd. (601318.SH), Ping An Life this February achieved incomes of CNY 3.92 billion from the participating insurance, up 75.55% from a year ago. As for China Life, it realized incomes of CNY 24.9 billion from the participating insurance in the month, going up 20.03% compared to a year ago.
As the top three insurance companies of China's Mainland, China Life, Ping An and the financial center Shanghai-based China Pacific Insurance (Group) Co. (CPIC, 601601.SH) by this March totally suffered floating losses of about 1.1 billion from their investment in the country's listed companies.
By the end of last year, insurance institutions were the top 10 tradable shareholders of 90 companies traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange, with the market cap of the 1.147 billion shares they held standing at CNY 21.5 billion. As of March 23, 2010, however, the market cap of these shares shrank 5.34% to CNY 20.4 billion.
Among them, China Life suffered the largest amount of such floating losses. In the first three months of this year, the life insurer suffered total floating losses of about CNY 700 million from the investment in 42 stocks.
Based in the southern boomtown Shenzhen, Ping An as China's second biggest insurer by premiums saw floating losses of CNY 209 million in the first quarter of this year, as one of the top ten tradable shareholders of five stocks. As for CPIC, the financial center Shanghai-based insurance group as the shareholder of 17 listed companies suffered floating losses of CNY 187 million in January to March 2010.
China Life, Ping An and CPIC gained premium revenues of CNY 41.8 billion, CNY 21.8 billion and CNY 16.9 billion respectively in January 2010. The boosting news helped drive up the stock prices of these listed insurers.
(USD 1 = CNY 6.82)
Source: www.nanfangdaily.com.cn (April 01, 2010)
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From TRADING MARKET published Thu, 01 Apr 2010 08:58:48 EDT
