Premiums drag down China Life H1 profit
Source: Bloomberg News |
August 29, 2012, Wednesday
|
Print Edition
Print Edition
CHINA Life Insurance Co, the nation's biggest insurer, yesterday said first-half profit fell 26 percent as stock market declines crimped investment returns and income from premiums dropped.
Net income fell to 9.64 billion yuan (US$1.52 billion), or 0.34 yuan a share, from 12.96 billion yuan, or 0.46 yuan a share, a year earlier, the Beijing-based insurer said in a filing to the Shanghai Stock Exchange.
China Life joins smaller insurance companies, including China Pacific Insurance (Group) Co, in suffering from an almost 20 percent slump in the benchmark Shanghai Composite Index in the year ended June 30 as the economy cooled. Net premiums earned fell 5.2 percent as sales over bank counters dropped under tighter regulatory rules and customers chose wealth management products for higher returns.
Investment income increased 9.9 percent to 39.41 billion yuan, and the company booked a fair value loss of 405 million yuan, compared with a gain of 201 million yuan a year earlier.
China Pacific, the nation's third-largest insurer, last week reported a 55 percent slump in first-half profit.
Net income fell to 9.64 billion yuan (US$1.52 billion), or 0.34 yuan a share, from 12.96 billion yuan, or 0.46 yuan a share, a year earlier, the Beijing-based insurer said in a filing to the Shanghai Stock Exchange.
China Life joins smaller insurance companies, including China Pacific Insurance (Group) Co, in suffering from an almost 20 percent slump in the benchmark Shanghai Composite Index in the year ended June 30 as the economy cooled. Net premiums earned fell 5.2 percent as sales over bank counters dropped under tighter regulatory rules and customers chose wealth management products for higher returns.
Investment income increased 9.9 percent to 39.41 billion yuan, and the company booked a fair value loss of 405 million yuan, compared with a gain of 201 million yuan a year earlier.
China Pacific, the nation's third-largest insurer, last week reported a 55 percent slump in first-half profit.
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