Friday, September 22, 2017

Investment income lifts China Life profits

A strong performance in the investment income segment buoyed China Life Insurance’s net profit to rise by 17.8% in the first six months of the year.

The nation’s second biggest insurer by market value reported a profit of Rmb12.242 billion (US$1.83 billion) during the period, the company said in a statement.

Its total investment income grew 11.45% to Rmb56.66 billion.

China Life’s performance highlights a trend in China’s insurance sector which sees players pulling in stronger profits from their returns on investments.

During the first half of the year, the entire industry’s overall earnings rose 10% to Rmb116.1 billion, according to the country’s top insurance regulator.

Still, the government crackdown on leverage may soon bring headwinds to the sector.

The crackdown has already led to the chief insurance regulator being probed for graft and others being reprimanded for acquisitions abroad.

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