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China Insurance International Holdings expects losses in 2008

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-02-06 15:43

China Insurance International Holdings Company Limited (CIIH), an insurance conglomerate headquartered and listed in Hong Kong, is expecting to post a loss for 2008, the company said in a statement to the Hong Kong stock exchange today.

The projected loss stemmed mainly from the company's equity investment in Hong Kong and on the mainland. The company said that its Shanghai-based subsidiary, Tai Ping Insurance Co, had taken a hit from over expansion and soaring claim payments arising from various natural disasters on the mainland.

CIIH posted a net profit of HK$1.55 billion in 2007. And the company's net profit for the first half of 2008 dropped 22 percent year-on-year to HK$381 million.