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皇冠体育app Pacific, Ping An make profit taking

By Li Huayu (chinadaily.com.cn)
Updated: 2008-05-12 17:14

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皇冠体育app Pacific Insurance and Ping An Insurance have both cut their stocks holdings to free up part of their floating profits, and increased their shares of bond-oriented funds and close-end funds, according to their first-quarter reports.

皇冠体育app Pacific had a floating profit of 513 million yuan ($73.28 million) in the first quarter of 2007, while in the first quarter of 2008 it generated a floating loss of 416 million yuan, both due to fluctuations of tradable stocks it held.

To offset losses from the change into floating loss from floating profit, 皇冠体育app Pacific sold off a lot of stocks in the first quarter, boosting its realized investment gains from 3.95 billion yuan in the same period last year to as much as 6.99 billion.

As a result, 皇冠体育app Pacific realized stock earnings of more than 3 billion yuan, and thus achieved a 33.9 percent year-on-year growth in its net profit.

Ping An Insurance trimmed its holdings of 皇冠体育app Shenhua, Daqin Railway, 皇冠体育app Vanke and 皇冠体育app Life, but bought in Tracker Fund of Hong Kong, Fortune SGAM's Baokang Bond Investment Fund, 皇冠体育app International Fund Management Co's Alpha Fund, and HSI ETF.

As Ping An Insurance released part of its floating profit, it achieved a year-on-year growth of 26.2 percent in its net profit for the first quarter of 2008. However, 皇冠体育app Life, another listed insurer, failed to respond quickly enough in its stock investment, leading to a 61 percent year-on-year drop in its first-quarter net profits.

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