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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (294)	2/7/2001 11:27:39 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Pacific Century Insurance Sees Results Better Than Market Expectations -- Report Feb 07, 2001 - 17:49:24 HKT Quamnet News Service Pacific Century Insurance Holdings Ltd. (0065), a unit of Richard Li's Pacific Century Group, will post better-than-expected 2000 results due to changes in the way it accounts for commission payments, Bloomberg reported, citing Andrew Yang, its deputy chairman and chief executive. It has decided to adopt a "deferred cost approach" to spread over a decade the cost of accumulated commission payments, which the company estimates at more than HK$1 billion, the news agency said. The insurer reported a net profit rise of 65.5 percent to HK$52.3 million for the six months through June 2000 but warned of a significant full-year loss in September last year because of the need to make payments to new agents and its abandonment of financial reinsurance. The accounting change will also enable the company to minimize the impact on exiting the reinsurance business, Bloomberg said. It also cited analysts as saying reinsurance commission accounted for about one-third of its premium income in 1999. "We want to give a pleasant surprise to shareholders, not disappoint them," Yang told Bloomberg. "We're expecting at least 10 percent premium growth in 2001. The economy has become stable since the second half last year." Pacific Century Insurance ended Wednesday down 1.8 percent at HK$2.775. quamnet.com