China Reinsurance hits near 6-month peak on strong earnings estimates

China Reinsurance (Group)

05/03/2024 04:00

** Shares of China Reinsurance Group Corp  1508.HK  jump as
much as 9.7% to HK$0.51, highest level since Sept. 18 
    ** Stock on track for the biggest one-day pct rise since
July 2020, if gains hold
    ** Chinese reinsurance service provider estimates its 2023
net profit to be in 5.2-6.2 billion yuan ($722.4-$861.3 million)
range, compared to a net loss of 0.3 billion yuan in 2022
    ** Co, with current market value of $2.71 billion, says the
increase in profit is due to improvement in underwriting
performance and growth in investment income, among others
    ** Hang Seng Composite Index tracking financials stocks
 .HSCIF  falls 1.2% and Hang Seng Index  .HSI  declines 1.9%
    ** Stock up 8.8% YTD 


($1 = 7.1981 Chinese yuan renminbi)
($1 = 7.8236 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))