China Life's result in line with warning
By Feng Jianmin |
March 28, 2013, Thursday
|
Print Edition
Print Edition
CHINA Life Insurance Co, the country's largest life insurer, said net profit dropped 39.7 percent in 2012 from a year ago amid weak economic expansion and poor investment returns.
The insurer's net income totaled 11.06 billion yuan (US$1.77 billion) last year, down from 18.33 billion yuan in 2011, according to a filing to the Shanghai Stock Exchange yesterday.
The result was in line with the insurer's February 28 warning of a possible 40 percent annual slide in net profit in 2012 due to a "decline in investment yield" and an "increase in impairment losses resulting from continued weakness in capital markets.
"China's life insurance market has gone through a tough and very difficult year in 2012," the insurer said in yesterday's filing.
China Life attributed the decline in net profit to a slower economic growth, sluggish capital market and weak demand for insurance.
The insurer's net income totaled 11.06 billion yuan (US$1.77 billion) last year, down from 18.33 billion yuan in 2011, according to a filing to the Shanghai Stock Exchange yesterday.
The result was in line with the insurer's February 28 warning of a possible 40 percent annual slide in net profit in 2012 due to a "decline in investment yield" and an "increase in impairment losses resulting from continued weakness in capital markets.
"China's life insurance market has gone through a tough and very difficult year in 2012," the insurer said in yesterday's filing.
China Life attributed the decline in net profit to a slower economic growth, sluggish capital market and weak demand for insurance.
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