HKECIC posts $24.7m FY 2021 net profit

This was from a net loss of $13.5b (HK$104.6b) reported in FY 2020.

The Hong Kong Export Credit Insurance Corporation (HKECIC) has recorded a $27.4m (HK$212.63m) profit for fiscal year (FY) 2021, according to an announcement. 

This was from a net loss of $13.5b (HK$104.6b) reported in FY 2020.

The HKECIC recorded an increase of $1.7m (HK$13.46m) or around 4.9% as compared to last year in revenue to $37.5m (HK$290.9m). 

The profit increase is the combined result of an underwriting profit of $3.1m (HK$23.75m) and an investment income of $24.3m (HK$188.88m). 

Mainland China continued to be the HKECIC’s largest insured market, it said, accounting for 43% of its total insured business, followed by the US and the UK. 

Insured business of electronics, the product type accounting for the most insured business, registered a 24.4% jump. It was followed by textiles and clothing and electrical appliances, which rose by 21.5% and 34.0%, respectively.