ChinaÆs insurers return poor report card
Write-downs have cost China Life, Ping An and China Pacific Rmb30 billion ($4.4 billion) this year, not withstanding mark-to-market and foreign exchange losses.
The average investment return for ChinaÆs top three insurers is down by 68.9% in the third quarter of 2008 compared to Q3 last year.The most shocking results were reported by China Pacific with investment returns down by 118.4% compared to the same quarter last year. This represents a net loss of Rmb1.51 billion ($222 million) between July and September. In the first nine months of 2008, China Pacific recorded investment gains of Rmb21.61 billion ($3.2 billion), down by 31.4% year-on-…
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