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