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CITIC-Prudential aims to break even this year

(chinadaily.com.cn)
Updated: 2009-05-25 15:46

CITIC-Prudential Life Insurance Co Ltd, a joint venture equally owned by China's State-owed CITIC Group and Prudential PLC of Britain, is hoping to break even this year to pave the way for its A-share listing in 2012, said a company official.

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CITIC-Prudential is the first foreign insurer that plans to list in the A-share market. To achieve this goal, the company will adjust its product portfolio, boost financial results and cut costs, as well as carry out finance reinsurance at the right time, said the official.

According to the 2008 yearbook of China's insurance, CITIC-Prudential had a net loss of 247.75 million yuan ($36.29 million) by the end of 2007. The net loss was estimated at nearly 200 million yuan at the end of 2008...

The full text is available in the May Issue of China Insurance. Please visit publications for more subscription details.