Ping An Insurance Group reported a 100 percent-plus growth in
its net profits for 2007, according to a bulletin released by the
company on Tuesday.
China's number two life insurer largely attributed the good
performance to its continued expansion in insurance, banking and
asset management businesses.
The company's financial details will be released in its annual
report, according to the bulletin. No timetable was given for the
report.
It recorded a net profit of 7.342 billion yuan (about 1.02
billion U.S. dollars) in 2006, with earnings per share at 1.19
yuan.
Ping An is currently waiting for approval by its shareholders
for a 150 billion yuan financing plan, the Shanghai-based China
Business News quoted a company source as saying on Tuesday. He
denied rumors the company would abandon the plan amid public
disputes.
On Jan. 21, the company said it planned to issue another 1.2
billion A-shares and no more than 41.2 billion yuan worth of
convertible bonds.
The company's shares plunged by the daily limit of 10 percent on
both Jan. 21 and Jan. 22 after the news was released.
Market analysts said the huge amount of financing, as well as
the lack of explanation on how the money will be used, led to the
panic among investors.
On Monday, Ping An Insurance plunged by the daily 10-percent
limit to 72.53 yuan.
The company listed in Hong Kong in 2004 and in Shanghai last
year.
(Xinhua News Agency January 29, 2008)
