Source: Xinhuanet
05-31-2007 11:27
Special Report: HK 10 YearsHong Kong's insurance industry's overall underwriting profit fell to 441 million Hong Kong dollars (56.57 million U.S. dollars) in the first quarter, Hong Kong Office of the Commissioner of Insurance said on Wednesday.
The figure is down 30.8 percent on the same period last year.
According to the office, the drop was mainly due to the significant deterioration in the underwriting performance of the ships business, turning from a profit of 50 million Hong Kong dollars (6.41 million U.S. dollars) to a loss of 177 million Hong Kong dollars (22.7 million U.S. dollars).
The property damage business remained the largest contributor to the overall underwriting profit, although shrinking from 214 million Hong Kong dollars (27.45 million U.S. dollars) to 183 million Hong Kong dollars (23.47 million U.S. dollars).
The office said that in the first quarter, general insurance business gross premiums remained steady at 6.79 billion Hong Kong dollars (870.96 million U.S. dollars) while net premiums rose 0.5 percent to 4.9 billion Hong Kong dollars (628.53 million U.S. dollars).
On reinsurance inward business, gross and net premiums fell 13 percent to 1.24 billion Hong Kong dollars (159.06 million U.S. dollars) and 14 percent to 881 million Hong Kong dollars (113.01 million U.S. dollars).
The total revenue premiums of long-term in-force business rose 23.9 percent to 38.15 billion Hong Kong dollars (4.89 billion U.S. dollars), the office said.
Office premiums in respect of the new policies issued to the Chinese mainland visitors amounted to 835 million Hong Kong dollars (107.11 million U.S. dollars), representing 5.2 percent of the total new office premiums for individual business.
Hong Kong's insurance industry's overall underwriting profit fell to 441 million Hong Kong dollars (56.57 million U.S. dollars) in the first quarter, Hong Kong Office of the Commissioner of Insurance said on Wednesday.
The figure is down 30.8 percent on the same period last year.
According to the office, the drop was mainly due to the significant deterioration in the underwriting performance of the ships business, turning from a profit of 50 million Hong Kong dollars (6.41 million U.S. dollars) to a loss of 177 million Hong Kong dollars (22.7 million U.S. dollars).
The property damage business remained the largest contributor to the overall underwriting profit, although shrinking from 214 million Hong Kong dollars (27.45 million U.S. dollars) to 183 million Hong Kong dollars (23.47 million U.S. dollars).
The office said that in the first quarter, general insurance business gross premiums remained steady at 6.79 billion Hong Kong dollars (870.96 million U.S. dollars) while net premiums rose 0.5 percent to 4.9 billion Hong Kong dollars (628.53 million U.S. dollars).
On reinsurance inward business, gross and net premiums fell 13 percent to 1.24 billion Hong Kong dollars (159.06 million U.S. dollars) and 14 percent to 881 million Hong Kong dollars (113.01 million U.S. dollars).
The total revenue premiums of long-term in-force business rose 23.9 percent to 38.15 billion Hong Kong dollars (4.89 billion U.S. dollars), the office said.
Office premiums in respect of the new policies issued to the Chinese mainland visitors amounted to 835 million Hong Kong dollars (107.11 million U.S. dollars), representing 5.2 percent of the total new office premiums for individual business.
Editor:Li Yang
