Munich re gets nod for china business
Munich Re, the world's largest reinsurer, has become the first foreign reinsurer to win mainland approval for reinsurance business in life and general sectors with the official launch of its branch office in Beijing last Friday. The latest move by Munich Re, which used to operate a representative office in China, also heralds a battle between domestic and foreign insurance players on the mainland for life and general markets.
Coal miner's profit rises on more output
Yanzhou Coal Mining reported a net profit of 858.51 million yuan (HK$797.55 million) for the nine months to September, representing an rise of 1.9 per cent compared with a year earlier. The growth was driven by a 12.3 per cent increase in raw coal production to 32.21 million tonnes during the period. This was partly offset by a 6.8 per cent drop in the price for exported coal to an average 180.56 yuan per tonne.
Increase in traffic lifts road company
Jiangsu Expressway recorded a net profit of 721 million yuan (HK$669.81 million) for the quarter to September, up 13.32 per cent compared with the same period a year earlier. That equated to earnings per share of 14.3 fen. Growth was driven by higher toll-road traffic in Jiangsu.
