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China Life profit to up 50%

Posted by Adrian on January 31, 2007

China Life’s net profit growth in 2006 is expected to jump 50 percent, according to a company statement issued Tuesday.

The expected results had not been independently pre-audited, and detailed figures would be released soon in the audited 2006 annual report, the company said.

As the country’s largest life insurer, premium income last year went up by 14.2 percent. The figure, still to be audited, rose to 183.8 billion yuan (23.6 billion U.S. dollars), said the report.

Rapid business expansion and sound momentum in the capital market boosted the 2006 revenue, said the report.

China Life plays a dominant role in the country’s life insurance market. Its premium income reached 160.95 billion yuan in 2005, accounting for 44.1 percent of the total of all life insurers in China.

Net profits in 2005 approached 5.45 billion yuan, with earnings per share reaching 0.2 yuan.

The Hong Kong-listed China Life listed on the Shanghai A-share market this month with an issue price of 18.88 yuan per share. It had jumped 130 percent to close at 43.47 yuan on Thursday. (source : Xinhua)


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