China Taiping Insurance H1 profit increases

China Taiping Insurance (Macau) Company Ltd. (TP Macau) saw a 1.9 per cent year-on-year increase in its profit for the first six months of the year, according to parent company China Taiping Insurance Holdings Company Limited’s filing to the Hong Kong Stock Exchange. The local subsidiary of the group recorded a total of HK$56.72 million (MOP58.42 million/ US$7.31 million) in profit during the period.
This comes despite the local insurance company indicating a decline of 3.6 per cent year-on-year in its direct premiums written for the first half of 2016.
The underwriting profit, on the other hand, posted a 9.9 per cent growth year-on-year – to HK$48.23 million for the six-month period.
‘TP Macau continued to maintain its leading market share, the combined ratio decreased over the Last Period and remained at an outstanding level,’ the company noted in its interim report.
China Taiping, the group’s parent company, generated a total of HK$3.10 billion (MOP3.19 billion/US$399 million) in net profit attributable to the owners for the first half of this year, indicating a year-on-year slump of 47.1 per cent. In contrast, the company’s life insurance’s new business value posted an increase of 61.3 per cent compared to the first half of 2015, totalling HK$5.24 billion, according to the data from the interim report. C.U.