China Life's net profit shrinks in 2011
Source: Xinhua |
March 27, 2012, Tuesday
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Print Edition
Print Edition
CHINA Life Insurance Co, the country's biggest life insurer, yesterday said its net profit for 2011 tumbled 45.5 percent annually on declining investment revenue and higher asset write-downs stemming from weak stock markets.
Its net profit was 18.33 billion yuan (US$2.92 billion), according to China Life's annual report filed to the Shanghai Stock Exchange.
It held one-third of the domestic life insurance market last year, with premiums of 318.3 billion yuan which was nearly flat from a year earlier.
The investment return ratio was 3.51 percent last year.
The insurer expects the industry to face greater pressure and difficulty this year as the slowing domestic and world economies will impact its premium income, investment and capital replenishment.
Its net profit was 18.33 billion yuan (US$2.92 billion), according to China Life's annual report filed to the Shanghai Stock Exchange.
It held one-third of the domestic life insurance market last year, with premiums of 318.3 billion yuan which was nearly flat from a year earlier.
The investment return ratio was 3.51 percent last year.
The insurer expects the industry to face greater pressure and difficulty this year as the slowing domestic and world economies will impact its premium income, investment and capital replenishment.
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