Firm books a loss despite an increase in premiums and successful cost reduction
Pacific Century Insurance Holdings (PCI) yesterday reiterated its desire to enter the mainland market but executives gave no definitive time frame.
The company is also working to diversify its product portfolio.
The strategic outlook came as PCI announced a loss of $118.3 million for the first half of this year despite marked rises in first-year premiums and total premiums.
The loss was equal to 14.41 cents per share compared with a profit of 13.03 cents per share in the first half last year.
'During the period under review, both the equity and bond markets were rangebound,' chairman Francis Yuen Tin-fan said. 'Significant short-term movements were caused by highly volatile energy prices and speculation on interest-rate rises and terrorist attacks.'
Group chief financial officer Sam Cheung said talks on expanding into the mainland were still preliminary but the move was in the company's plans.