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China Life expects 50% plunge in 2011 profit

Mar. 7, 2012 (China Knowledge) - China Life Insurance Co Ltd<601628><2628>, the country's largest life insurance company, said yesterday that it expects its net profit to fall between 40% and 50% year on year in 2011.

The life insurer said in a statement filed with the Shanghai Stock Exchange that the sharp decrease in net profit was due to a decline in investment income and an increase in asset impairment losses amid a volatile capital market.

In 2010, the company's net profit climbed about 2.3% year on year to RMB 33.6 billion.

China Life earlier reported a net profit of RMB 16.72 billion for the first three quarters of last year, 33% less than in the same period of 2010.

The Chinese insurance industry recorded a return of about 3.6% on investments last year, reflecting the second-lowest level in six years.

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