May 19, 2009 (China Knowledge) - China Pacific Insurance (Group) Co<601601>, the country's third largest life insurer by premiums, saw its unaudited premium income from two of its subsidiaries amount to RMB 37.3 billion in the first four months of this year, down 2.6% from the RMB 38.3 billion it recorded in the same period of last year, according to a statement filed with the Shanghai Stock Exchange on May 15.

The two subsidiaries, China Pacific Life Insurance Co and China Pacific Property Insurance Co, collected RMB 24.8 billion and RMB 12.5 billion in premiums, respectively, in the period from January to April.

The company's bigger rival, Shanghai-based China Life Insurance Co Ltd<601628><2628><LFC>, the country's largest life insurance company by premiums, reported that its unaudited premium income in the first four months of this year edged down 1.56% year on year to RMB 126 billion.

China Life earlier reported net profit of RMB 200 million in the first quarter of this year, down 88.88% year on year, due to write-offs from equity investment, according to an earlier report from China Knowledge.

China Pacific Insurance provides life and property insurance products and services through its subsidiaries, China Pacific Life Insurance Co and China Pacific Property Insurance Co. The company is also engaged in the management and operation of insurance assets through China Pacific Asset Management Co.