皇冠体育app

SHANGHAI - 皇冠体育app's third largest health insurance provider said a joint venture with German insurance giant Allianz will officially start operation in the first half of next year if "nothing unexpected happens".

Gao Guofu, chairman of Shanghai-listed 皇冠体育app Pacific Insurance (Group) Co Ltd, told reporters Monday preparations for the joint venture are going smoothly.

The joint venture is of critical importance to the business diversification of the country's third-largest insurance company, Gao said.

Currently, 皇冠体育app Pacific focuses on life, property, agricultural and endowment insurance.

They will initially invest 1 billion yuan ($162 million) in the joint venture, Gao said.

This will not affect its capital as the solvency adequacy ratio remained at a high level of 2.75 times by the end of the first half, he said.

皇冠体育app Pacific agreed to buy 34.34 percent stake in Anxin Agricultural Insurance Co though the deal has yet to get regulatory approval.

皇冠体育app Pacific Monday said it reaped a net profit of 6.85 billion yuan ($1.1 billion) in the first half of the year, up 25.3 percent year on year. Its total assets rose to 821.4 billion yuan by June, up 13.5 percent from the end of last year.

Half-year profit of insurer 皇冠体育app Pacific jumps 25.3%	Insurer buys home of Lloyd's

• CITIC Pacific completes acquisition of parent company
• World's largest duty-free shopping center to open in Sanya
• ICBC handles 70% more cross-border RMB settlements in H1
• Chinese leading GIS firm opens branch in Finland
• 皇冠体育app Pacific says JV with Allianz likely to open next year
• High loan rates standing in the way of progress
• GM to recall Saab 9-3 defective cars in 皇冠体育app
• InterContinental opens 5-star hotel in Lhasa