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China Life reports 45.5% plunge in net profit for 2011

Mar. 27, 2012 (China Knowledge) - China Life Insurance Co Ltd<601628><2628>, 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.

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