FOSUN’S INSURANCE PROFITS FALL BY 43%

Fosun’s insurance businesses saw profits slip 43% during the first six months of the year, with reinsurer Peak Re among the companies reporting a loss for the period. Across its insurance portfolio, Fosun produced a profit of Yuan1.011bn ($151.38m), generated through revenue of Yuan13.1bn. The revenue figure represented growth of 145% compared with last year’s first half, with this growth coming on the back of significant expansion of Fosun’s portfolio of insurance businesses in recent years, following a number of international investments. Behind the headline figures, Fosun’s insurance businesses delivered a mixed result in terms of profitability, with some reporting a loss for the six-month period. Peak Re reported a pre-tax net loss of $35.8m for the period, on the back of a combined ratio of 107%. Ironshore contributed $148.3m of net profit to the Fosun first-half result. Ironshore generated this profit through premium income of more than $1.15bn, with a combined ratio of 96%.