China Life Profit Slumps as Stock Market Rout Hurts Returns
- Net income drops 47% as investments roiled by market swings
- New business value also slides as demand weakened by pandemic
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China Life Insurance Co., the nation’s largest life insurer, said profit slumped 47% in the first quarter as a stock market rout hurt investment returns and sales were hampered by the pandemic.
Net income dropped to 15.2 billion yuan ($2.3 billion), from 28.6 billion yuan a year earlier, the Beijing-based company said in a filing to the Hong Kong stock exchange Wednesday, adding that recent “sporadic outbreaks” of the virus are contributing to a further slowdown in business for the industry.