China Life net profit down 56% in Jan-Sept

China Life Insurance Co Ltd said on Oct 27 its net profit decreased 55.6 percent year-on-year to 74.3 billion yuan ($12 billion) in the first three quarters of the year.

Revenue in the same period was 320.5 billion yuan, a 1.8 percent year-on-year increase.

The company, the world's largest life insurer by market value, saw revenue of 95.2 billion yuan in the third quarter, a 14.8 percent year-on-year increase. It registered a net loss of 2.2 billion yuan in Q3, the first quarter with a net loss this year.

The net loss was a result of low yields amid the gloomy market situation and increasing assets devaluation.

The company's assets devaluation reached 29 billion yuan by the end of the third quarter, among which 13.8 billion yuan were seen in the third quarter.

wuyiyao@chinadaily.com.cn