CHINA PACIFIC ENJOYS FIRST QUARTER PROFIT GROWTH

China's second largest non-life insurer China Pacific Insurance (Group) achieved a net profit of Yuan1.82bn during the first quarter of this year. The result reflected a 14.1% increase year-on-year. However like its peers, its earnings were dented by the effect of recent weak performance of China's stock markets. During the course of the quarter the fair value of China Pacific Insurance's financial assets fell Yuan7.89bn to Yuan113.89bn by the end of March. The insurer which boasts an 11.2% share of the China property insurance market also saw its claims bill soar 127% to Yuan8.44bn largely reflecting cost of the snowstorms and higher life insurance claims.