China Life’s net profit stood at CNY5.63bn
($894.3m) in Q1 2012 – a 29% year-on-year drop due to lower premium
income.
Group premium income totalled CNY113.8bn in Q1
2012, a 7.3% drop compared to the same period in 2011.
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China Life said the fall in net profit was
attributable to the fact that stock markets remained at a low level
continuously, although there was a slight recovery during the
reporting period. Impairment losses therefore increased, which
caused a decrease in profit.
In terms of its distribution network, China
Life is the largest life insurance company in China with its
headquarters located in Beijing.
As of December 31, 2011, the company had about
139m long-term in-force insurance policies offering individual and
group life, annuities and health insurance protection.
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