PING AN FACES YUAN1.9BN GROSS NAT CAT CLAIMS IN 1H

FALLING investment returns slowed the profit growth of China’s second largest insurer Ping An in the first half of 2008. The performance was also dented by natural disaster claims. Ping An’s chairman Peter Ma said the group was facing a total claims bill from this year’s snowstorms, the Sichuan earthquake and floods of Yuan1.9bn. Net of reinsurance recoveries it is expecting to pay out Yuan784m in connection with the losses. Ma has reiterated its caution about the rest of the year in the light of the volatile investment markets. And according to Bloomberg he said the company would “prudently” consider selling additional shares in Shanghai and Hong Kong but had no timetable for such an offering.