Net income for the first quarter of 2009 was $117 million, up from $102 million for the same period in 2008.

Claims and related costs for the first quarter of 2009 were down to $735 million from $761 million for the same period in 2008. ICBC said its customers continue to do their part to contribute towards this decline in claims costs and to keep rates low and stable by driving safely, while a moderation in the number of vehicles on the road has also played a role.

The impact of the economic downturn is evident at ICBC, resulting in lower premiums of $843 million from January to March, 2009, compared to $860 million from the first quarter of 2008. The slowdown in premiums written will likely have a greater impact on ICBC's financial results going forward throughout the year.

ICBC's investment income for the first quarter of 2009 was $123 million, relatively flat compared to the same period in 2008. ICBC said its conservative and long-term investment strategy – with the majority of its portfolio invested in high-quality bonds – continues to position itself well for the future.

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