Companies

China Life H1 profit climbs 7.4%

(Xinhua)
Updated: 2010-08-26 09:43

BEIJING - China Life Insurance Company Limited (China Life), the nation's largest insurer, said Wednesday its net profit rose 7.4 percent due to rebounding premium income.

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China Life's net profit hit 18.03 billion yuan ($2.67 billion) in the first half year, it said in a statement delivered to the Shanghai Stock Exchange.

Also, the company's first-half-year revenue reached 216.67 billion yuan, up 9.2 percent from one year earlier, according to the statement.

Further, earnings per share stood at 0.64 yuan, up 7.4 percent year-on-year, it said.

The company noted that its profits were driven by strong growth in premium income after a decline last year, when adjustments to its product mix slowed sales.

On Wednesday, shares of China Life on the Shanghai bourse fell 2.31 percent from the previous close to stand at 23.26 yuan per share.