China Life Says First-Half Net Income May Rise More Than 50%

July 30 (Bloomberg) -- China Life Insurance Co., the nation’s largest insurer, estimated its first-half profit may rise by more than 50 percent from a year earlier.

The surge is attributed to an increase in investment income combined with a decline in impairment losses, the Beijing-based insurer said in a statement to Hong Kong’s stock exchange without further elaboration.

The preliminary estimate is based on unaudited numbers.

China Life booked profit of 9.6 billion yuan ($1.6 billion), or 0.34 yuan per share, in the first half last year.

The Hong Kong-traded shares closed unchanged at HK$18.44 today. They have declined 27 percent this year compared with a 1.1 percent drop in the Hang Seng Finance Index, which tracks 12 banks, insurers and the city’s exchange operator.

To contact the reporter on this story: Bei Hu in Hong Kong at bhu5@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net