Mar. 27, 2012 (China Knowledge) - China Life Insurance Co Ltd<601628
>, the country's largest life insurance company, announced yesterday that its net profit dropped 45.5% year on year to RMB 18.33 billion last year, due to a slowing insurance market and a slump in the stock market.
The company's operating revenue was RMB 385.39 billion in 2011, 0.9% less than in the previous year.
The life insurer booked RMB 318.28 billion in premium income last year, slightly up 0.1% year on year. The company continued to lead the Chinese life insurance market with a 33.3% share.
At the end of last year, the company's total assets had increased 12.3% from a year earlier to RMB 1.58 trillion, and its investment assets had risen 11.9% year on year to RMB 1.49 trillion.
China Life saw its solvency adequacy ratio fall to 170.12% at the end of 2011 from 12.3% a year ago.
The company said that it would issue RMB 30 billion of subordinate bonds at right time to boost its solvency adequacy ratio.