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China Life first-half profit falls 28.1 on slower premium growth, higher claims

By The Associated Press  | August 23, 2011
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BEIJING, China - China Life Insurance Co., the country's biggest life insurer, said Wednesday its first-half profit fell 28.1 per cent from a year ago as premium growth slowed and claims rose.

Profit for the six months ending June 30 was 12.9 billion yuan ($2 billion), or 0.45 yuan (7 U.S. cents), the state-owned company said.

Revenue rose 5.6 per cent to 227.5 billion yuan ($35.5 billion) but that growth rate was down from 2010's double-digit rate. Claims rose 10.5 per cent.

China's insurers, banks and other financial companies benefited from the country's quick, stimulus-fueled rebound from the 2008 global crisis. But they have suffered lately from weaker returns on stock market investments.

"The complexity of macro-economic situation of China and the changes of corresponding measures and policies also brought more uncertainties to the insurance industry, and the growth of life insurance business was under pressure," the Beijing-based insurer said in a statement.

___

Online:

China Life Insurance Co.: www.chinalife.com.cn

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