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China Reinsurance back in the black

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-04-22 20:35

China Reinsurance (Group) Co, the largest reinsurer in Asia, reported a profit of 1.58 billion yuan ($231 million) in the first quarter of 2009, compared with a loss of 3.14 billion yuan at the same period of last year, the company said Wednesday.

Meanwhile, the insurer saw a premium income of 10.3 billion yuan and realized an investment return of 1.72 billion yuan in the first three months this year.

China Reinsurance has been preparing for an IPO since 2007, but the plan was postponed due to a huge loss last year.