China Pacific 2014 net profit up 19%

SHANGHAI -- China Pacific Insurance (Group) Co Ltd, the country's third largest health insurance provider, announced on Sunday 11 billion yuan ($1.8 billion) of net profit in 2014, up 19.3 percent year on year.

The Shanghai-listed company had business revenue of 219.8 billion yuan and earnings per share of 1.22 yuan in 2014, up 13.8 percent and 19.3 percent year on year respectively, according to its annual report.

The company, which has a joint venture with German insurance giant Allianz, delivered steady growth in both life and asset management business.

But its property casualty business reported underwriting losses for the first time in six years, with the combined ratio reaching 103.8 percent, according to the report.