China Taiping Insurance Holdings Reports on Estimated Profit Increase
OREANDA-NEWS. July 29, 2014. This announcement is made by China Taiping Insurance Holdings Company Limited (the “Company” and together with its subsidiaries, the “Group”) pursuant to Rules 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the Inside Information Provision (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (“SFO”).
The Company wishes to inform our shareholders and potential investors that as the product mix of the Group's insurance businesses continue to improve, the insurance agency force productivity continues to gradually increase, and the strategic cooperation with large clients is now bearing results and attractive investment income, the life insurance operations of the Group for the six months ended 30 June 2014 (“2014 Interim Period”) produced substantial growth in profit over the same period last year, the Group’s Mainland property and casualty insurance operations also achieved a large increase in profit, and our other major business lines remain solid profit contributors.
In addition, late last year, the Group completed the acquisition of additional 25.05% and 38.79% ownership interests in the Group's subsidiaries, Taiping Life Insurance Company Limited (life insurance operations) and Taiping General Insurance Company Limited (Mainland property and casualty insurance operations), resulting in the Group’s ownership interests in these subsidiaries to increase from 50.05% to 75.1%, and 61.21% to 100%, respectively.
These acquisitions have provided the Group with a greater share of the above-described strong performances of these two companies. Taking into account all of these above factors, the Group expects the 2014 Interim Period profits attributable to shareholders to be substantially higher than that of the same period in 2013.
Because the financial results of the Group’s 2014 Interim Period have not yet been finalized and the independent review has not yet been completed, the Company cannot at this time disclose any further details on the above factors and their impact on the Group's profit attributable to shareholders. For further details of the Group's results, investors can see and review the Group's 2014 interim results announcement, which will be released before the end of August 2014.
Shareholders of the Company and investors are advised to exercise caution when dealing in the shares of the Company.
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