China Life net profit down 45% in 2008

Published: 25 Mar 2009 19:12:37 PST

Mar. 26, 2009 (China Knowledge) - China Life Insurance Co Ltd<601628><2628><LFC>, the country's largest life insurance company by premiums, said its net profit in 2008 was RMB 21.28 billion, down 45% from a year earlier, the Standard reported.

It is the first slump in earnings since the insurer's Hong Kong listing in December 2003. The company attributed the net profit decline mainly to its losses in equity investment.

According to the company's latest financial result, its earnings per share fell to RMB 0.75 from RMB 1.38 a year earlier. It proposed a final dividend of RMB 0.23 per share.

H-shares of China Life fell 1.7% to close at HK$25.35 on Wednesday.

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