China Taiping Insurance Holdings (0966.HK) posted a 77.9 percent year-on-year drop in 2011 net profit to HK$495 million, with earnings per share of HK$0.291, reports yicai.com, citing a company filing.

Excluding the sale of its shares in Minan Property and Casualty Insurance last year, net profit fell 53.4 percent.

China Taiping Life Insurance generated operating profit of HK$780 million in 2011, down 16.9 percent from 2010.

The insurer attributed the poor performance to a drop in sales from bancassurance, and lower returns from its investment portfolio.

The property and causality insurance unit posted operating profit of HK$498 million in 2011, up from the HK$419 million earned in 2010.

China Taiping Insurance attributes the gains to business growth and better underwriting results.

The reinsurance unit incurred a loss of HK$94.19 million in 2011, compared with a profit of HK$370 million in 2010, due to several natural disasters.

Source:capitalvue.com