China Pacific Insurance Group Co., the country's third largest insurer, said Saturday its net profit is estimated to grow at least 400 percent in 2009 from a year ago.

The profit surge is boosted by the steady expansion in its insurance business and strong gains in investment, the company said in a preliminary report posted on the website of the Shanghai Stock Exchange before its annual report release.

The insurer also attributed the sharp increase to a change in China's accounting standards required by the Ministry of Finance from the end of last year.

The company's 2008 net profit was 1.34 billion yuan (196 million U.S. dollars). Earnings per share was 0.17 yuan.