China Life forecasts huge profit rise in first three quarters

BEIJING — China Life, the country's biggest life insurer, estimates that its net profits for the first three quarters will surge by 95 percent due to increased investment return.

Preliminary calculations show that the company's profits during the January-September period reached 13.5 billion yuan (about $2 billion), up 95 percent year-on-year, according to a statement filed to the Shanghai Stock Exchange.

Earnings per share stood at 0.47 yuan in the reporting period, said the statement.

The company said the main reason behind the profit surge was higher returns on investment, and further details will be revealed in its upcoming third-quarter report.

In the first half of this year, China Life reported a 17.8 percent year-on-year rise in its net profit.

Shares of China Life dropped 1.73 percent to 28.32 yuan on Friday.