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Ailing Fortis investment may hurt Ping An's 2008 profits

(Agencies)
Updated: 2008-10-06 15:23

China's Ping An Insurance group warned its 2008 profits would be hit by 15.7 billion yuan ($2.3 billion) in losses from its investment in ailing Belgian-Dutch finance group Fortis.

Ping An, China's second largest life insurer by premiums, said the adjustment would have "material impact" on its net profit in the first three quarters, in a filing to the Hong Kong Stock Exchange before the market opened Monday.

The company said it originally invested a total of 23.9 billion yuan in Fortis shares.

Ping An paid 1.8 billion euros ($2.5 billion) to acquire a 4.18 percent stake in Fortis last year in one of the largest overseas acquisitions yet by a Chinese insurer. It has since raised that stake to 4.99 percent.

But Ping An's international ambitions were set back as the global financial crisis battered Fortis, which had to be bailed out by the Belgian, Dutch and Luxembourg governments last month.

Last week Ping An said it had dropped plans to buy half of Fortis' asset management arm for $3 billion.

But the Chinese insurer said it expected the losses to only affect profits for this year and that its core business lines such as insurance, banking, trust and securities were "experiencing healthy and decent growth".

"The capital position and solvency margin of the group remain solid and sufficient. The group has a strong foundation and its financial condition is stable," the Chinese insurer said.