CPIC Saw Strong Growth in P&C and Life Premium Income, While P&C Net Profit Declined
No-moat China Pacific Insurance recorded first-quarter net profit growth at 88%, a growth rate on par with China Life’s 120% growth. However, the results are not comparable with those of Ping An Insurance, given that Ping An was the only listed Chinese insurer to adopt IFRS 9 in the first quarter. Similar to China Life, the strong results were primarily attributable to write-back of insurance reserve and solid premium income growth. As first-quarter net profits amount to about 20% of our full-ye...
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