China Life Q1 net profit up 55.1%

Apr. 24, 2009 (China Knowledge) - China Life Insurance Co Ltd<601628><2628><LFC>, the country's largest life insurance company by premiums, recorded net profit of RMB 5.39 billion in the first quarter of this year, representing a robust growth of 55.1% from a year ago, sources reported.

The Chinese insurer attributed the profit growth to the increased investment returns boosted by a rebound in the domestic stock market.

According to the insurer's filing with the Hong Kong Stock Exchange (HKEx), revenue from premiums edged up 2% to RMB 104 billion during the first three months.

This year, the company will adopt a conservative investment strategy which focuses mainly on fixed-income products.

China Life's net profit in 2008 was RMB 21.28 billion, down 45% from a year earlier. It was the first slump in earnings since the insurer's Hong Kong listing in December 2003, China Knowledge reported earlier.

H-shares of China Life rose 4.04% to close at HK$27.35 on Thursday.