China Life Insurance Q3 profit surges on investment gains
[SHANGHAI] China Life Insurance Co Ltd, the country's second-biggest insurer by market value, posted a 365.5 per cent jump in third-quarter net profit as investment income soared on the back of a rising stock market and healthy premiums.
Net profit in the third quarter climbed to 14.6 billion yuan (S$2.99 billion) from 3.13 billion yuan a year earlier, China Life said in a statement to the Hong Kong Stock Exchange on Thursday.
The profit gains were largely due to an increase in investment income, it said. Chinese insurers can book gains in their investment portfolios as profits.
China's blue-chip index powered to a fresh 28-month high on Thursday, underpinned by stellar earnings reports from companies such as liquor maker Moutai and as investors expect Beijing to push forward "Belt and Road" projects.
The insurer said its 9-month net profit rose about 98 percent on year to 26.8 billion yuan from 13.5 billion yuan a year ago.
China Life posted 9-month premium income of around 450 billion yuan, around a 20 per cent increase on year.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Money laundering accused who faces 22 charges to plead guilty on May 14
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
Barclays Q1 profit falls 12% as mortgage competition, deals drought hit
Deutsche Bank Q1 profit jumps 10% as investment bank outperforms
Latest Singapore 6-month T-bill offering cut-off yield of 3.74% as applications dip