China Life may see 55% dive in profit
Source: Bloomberg News |
October 18, 2012, Thursday
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Print Edition
Print Edition
CHINA Life Insurance Co, the nation's biggest insurer, yesterday said profit for the first nine months of this year may fall 55 percent on lower investment yields and bigger impairment losses.
The estimated decline in net income, based on unaudited numbers, is a result of "continued weakness in the capital markets," the insurer said in a statement to the Hong Kong stock exchange. Profit for the same period in 2011 was 16.7 billion yuan (US$2.7 billion).
China Life in August reported a 26 percent profit decline for the first six months after an almost 20 percent slump in the Shanghai Composite Index in the year ended on June 30 crimped investment returns and premiums income dropped.
The estimated decline in net income, based on unaudited numbers, is a result of "continued weakness in the capital markets," the insurer said in a statement to the Hong Kong stock exchange. Profit for the same period in 2011 was 16.7 billion yuan (US$2.7 billion).
China Life in August reported a 26 percent profit decline for the first six months after an almost 20 percent slump in the Shanghai Composite Index in the year ended on June 30 crimped investment returns and premiums income dropped.
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