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Ping An subsidiary to make biggest ever payout

(Xinhua)
Updated: 2009-08-21 14:06

Ping An Property and Casualty Insurance Company (PAPCI) of China Ltd, a subsidiary of the Ping An Insurance Group, said Friday it is to make its biggest payout since its foundation in 2002.

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PAPCI will pay 720 million yuan ($105.42 million) to the Lafarge Shui On Cement Company Ltd, a joint-venture between the world's largest cement producer Lafarge Group of France and the Hong Kong-based Shui On Group, to cover losses caused by the 2008 Wenchuan earthquake and its aftershocks, according to Friday's Shanghai Securities News.

The claim is the largest resulting from the earthquake up until now.

PAPCI had previously paid Lafarge Shui On sums of 260 million yuan and 150 million yuan in August and November last year. The company will pay another 70 million yuan within a week and the remaining 240 million at a later date.

Lafarge Shui On has not disclosed any figures relating to its losses.