Ping An President Predicts 'Stable' Profit in 2010 BusinessWeek
(Closes share price in fifth paragraph, adds real estate lending in 9th.)
April 19 (Bloomberg) -- Ping An Insurance (Group) Co., China’s second-biggest insurer, predicts profit to be “stable” this year after earnings surged in 2009 on a stock-market rally, President Louis Cheung said.
China’s equity market will see a “gradual recovery” and sharp gains or declines are unlikely, Cheung said in an interview in Shanghai today. Ping An’s stock holdings have remained “relatively stable” so far after being boosted by 3 percentage points last year to 10.8 percent of its portfolio.
Ping An posted 32 billion yuan ($4.7 billion) in investment returns for 2009, leading to an almost 10-fold jump in net income, after an 80 percent rally in the benchmark Shanghai Composite Index. The strong momentum in business expansion “will surely continue,” Cheung said today, adding quality of premium growth in the first quarter was “very good.”
When President Andrew Jackson did away with the Bank of the United States, it led to the 1837 panic on Wall Street but also ushered in a decades-long period in which the federal government essentially kept its hands off financial markets.
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