China Taiping Insurance Holdings Co. Ltd. made a net profit of HK$603 million (US$77.6 million) in the first half of the year, a 9.6-percent increase over the HK$550 million (US$70.78 million) it made during the same period last year, according to the 2010 interim report released by the company on Tuesday.

Its total returns on investment reached HK$1.97 billion (US$253.52 million), an increase of 16.4 percent; its after-tax profit was HK$713 million (US$91.76 million), an increase of 5.6 percent.

The company is being very cautious about asset allocation on reports that Hong Kong's investment market for the year will be unsatisfactory.

The company's equity investment has been comparatively low. Its debt securities and cash and bank deposit accounted for 54.7 percent of its total investment by the end of June, according to the report.

China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.