China Pacific Insurance recorded a nearly 33-percent decline year-on-year in profits in the first three quarters, according to the quarterly report the company released on Monday.

The Shanghai-based insurer incurred losses of 1.636 billion yuan (US$239.5 million) in the third quarter, with loss per share at 0.21 yuan.

The company garnered a net profit of 3.876 billion yuan from January to September, down 32.58 percent from the same period of last year.

Earnings per share was 0.51 yuan for the first three quarters, down 46.9 percent from the year-earlier level.

The report attributed the grim situation to lackluster capital markets at home.

It said that the Shanghai-listed company realized 76.817 billion yuan in revenue from insurance business in the January-September period, up 41.77 percent.

(Xinhua News Agency October 27, 2008)