China Life reports 154.55% surge in net profit for Q3

Oct. 27, 2009 (China Knowledge) - China Life Insurance Co Ltd<601628><2628><LFC>, the country's largest life insurer in terms of premiums, announced yesterday that its net profit soared 154.55% year on year to RMB 5.95 billion in the third quarter of this year.

In the first three quarters of this year, the insurer earned RMB 19.87 billion in net profit, 51.58% more than in the corresponding period last year. Earnings per share were RMB 0.70.

China Life attributed the increase in net profit to a significant increase in investment income boosted by the booming capital market.

In first nine months, the company booked an annualized investment return of 6.3%.

By the end of the third quarter, the company's total assets had increased 13.95% from the end of last year to RMB 1.13 trillion. Its net assets were RMB 148.13 billion at the end of the third quarter.

The company's smaller rival, Ping An Insurance (Group) Co<601318><2318>, is due to release its third quarter results later today.