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Pacific Insurance reports Q3 loss on investment

(Agencies)
Updated: 2008-10-27 09:25

China Pacific Insurance (Group) Co, the nation's third-largest insurer, reported a loss in the third quarter after losing money on its investments.

The company had a net loss of 1.64 billion yuan ($239.4 million), or a loss of 0.21 yuan a share, compared with last year's net income of 1.93 billion yuan, or 0.28 yuan a share, the Shanghai-based company said in a statement to the stock exchange today. Net premium earned rose to 20.4 billion yuan compared with 14.7 billion yuan a year ago.

Pacific Insurance had an investment loss of 1.51 billion yuan from July through September, compared with a profit of 8.17 billion yuan a year earlier, the company said.