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April 26, 2012updated 13 Apr 2017 8:44am

China Life’s Q1 net profit falls by 29%

China Lifes 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 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

By Ronan Mccaughey

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.

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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