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China Life net profit up 55% in first quarter

(Xinhua)
Updated: 2009-04-24 15:30

China Life Insurance Co Ltd Friday reported a net profit of 5.39 billion yuan ($799 million) in the first quarter, up 55.07 percent from the same period last year.

Related readings:  China's insurance premium income up 10% in Q1  China Life may invest in realty  China Life says won't be intimidated by investment risks  China Life Q4 net falls 42% on stock slump

The return on equity was 3.69 percent, up 61.6 percent, and total equity hit 1.07 trillion yuan, up 7.84 percent.

The increase in net profit and net equity mainly came from the performances of the stock market and bond market, said Xiao Chaohu, an analyst with Everbright Securities Co Ltd.

The insurer's quarterly report put investment equity at 1.01 trillion yuan and the rate of return at 1.04 percent. It reported about 104 billion yuan of premium income in the first quarter, up 1.8 percent.