Ping An Insurance will book an investment loss of 15.7 billion yuan, or 2.3 billion US dollars, in its third quarter.
China's second largest life insurer announced late Sunday evening that it will include the impairment losses in its Q3 earnings statement. Ping An notes that the accounting treatment will only affect the profit for 2008, but will?not have an impact on its net asset values per share or its cash flow position.
It also adds that its core business lines, like insurance, banking, trust and securities, are enjoying healthy and decent growth.
And that it will proceed with a planned capital injection of 20 billion yuan into its life insurance business.
(CCTV October 7, 2008)
