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Pacific Insurance Q1 profits shrink 88%

(chinadaily.com.cn)
Updated: 2009-04-27 14:39

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China Pacific Insurance Group Co, the country's third largest insurer, saw first quarter profits plummet 88.8 percent to 200 million yuan ($29.28 million), affected by a premium slowdown and a write-off of stock investment.

Although investment profit reached 3.27 billion yuan in the quarter, the insurer made an asset impairment provision of 151 million yuan due to the shrinking value of previous equity investment...

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