Fosun International’s insurance business made a net profit of 1.79 billion yuan ($403 million) in the half-year to June 30, up from 114.5 million yuan ($25.82 million) in the corresponding period last year.

The Chinese conglomerate’s overall net profit grew to 3.62 billion yuan ($816 million) from 1.83 billion yuan ($413 million).

Fosun has invested heavily in the insurance sector, with holdings in Fosun Insurance Portugal, Yong’an P&C Insurance, Pramerica Fosun Life Insurance, Peak Insurance, Phoenix Holdings and MIG.

It owns 20% of Ironshore and in May announced plans to pay $US1.8 billion ($2.58 billion) for the remaining stake, with the deal now going through the regulatory process.

Ironshore made a net profit contribution of $US58.6 million ($84 million) to Fosun and gross premium income of $US1.13 billion ($1.62 billion), based on the Chinese conglomerate’s current 20% holding.

Ironshore Australia MD Katherine Simmonds says the local operation expects to generate more than $60 million in gross written premium this year.

“Ironshore Australia is achieving steady growth year on year in niche specialty lines,” she told insuranceNEWS.com.au.

“With the transition to new ownership by Fosun, a stable long-term capital investor, we expect Ironshore’s growth in Australia and Asia to continue.”