CPIC's 2012 net profit down 38.9 percent

China Pacific Insurance (Group) Co Ltd said late Sunday that its 2012 net profit fell 38.9 percent year-on-year mainly due to the sluggish capital markets.

The Shanghai-based insurer's net profit hit 5.077 billion yuan ($809.6 million) last year, down 38.9 percent from 8.313 billion yuan in 2011, according to its annual report filed with the Shanghai Stock Exchange.

However, its premium income rose 5.3 percent on an annual basis to 163.2 billion yuan. The company's embedded value - a key indicator of an insurer's future profitability - grew 19.1 percent to 135.2 billion yuan.

Its solvency ratio was at 312 percent at the end of 2012, up 28 percentage points compared with the previous year.

CPIC, a major Chinese insurance company, is listed in Shanghai and Hong Kong.