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Biz News Flash

China Life reports more than doubled net profit in Q3

(Xinhua)
Updated: 2009-10-27 11:19

China Life Insurance Company Limited, the country's largest life insurer, posted a net profit of 5.95 billion yuan ($871.74 million) in the third quarter of this year, up 154.55 percent year-on-year.

The company attributed the profit surge to the improvement in the country's equity market, which led to higher investment returns, it said in a report to the Shanghai Stock Exchange on Monday.

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China's key Shanghai stock index has gained more than 70 percent this year, boosted by a recovery of the country's economic growth.

China Life said its net profit totaled 19.87 billion yuan in the first three quarters, up 51.58 percent year-on-year.

At the end of September, the company's total assets topped 1.12 trillion yuan, an increase of 13.95 percent compared with the same period last year.

The company's shares gained 3.85 percent to 31.54 yuan in the Shanghai bourse Monday and climbed 5.74 percent to HK$37.75 ($4.87) in the Hong Kong bourse.