China Pacific Insurance Co., Ltd. (CPIC) realized a net profit of 5.5 billion yuan (US$845.99 million) in the first half, an increase of 44.2 percent over the same period last year, according to the company's half-year report.

Its earning per share (EPS) was 0.72 yuan, a 5.9 percent increase over the same period a year earlier.

According to the China Insurance Regulatory Commission, the CPIC was the country's third largest insurer in terms of revenue from life insurance premiums. In the January to June period, the amount was 38.86 billion yuan, up 58.4 percent over the same period last year.

Its industrial insurance premiums hit 15.77 billion yuan during the period, an increase of 20.2 percent, ranking second in the domestic market.

"In the first half, the company improved its management mechanism, established a professional marketing strategy and continued to optimize business structure, which helped CIPC to reap hefty profit and premiums," said Gao Guofu, the insurer's board chairman.

The Shanghai-listed CPIC saw its shares dip 1.45 percent to close at 17.69 yuan on Friday before the company released its report.

(Xinhua News Agency August 25, 2008)