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New China Life reports 24.46% growth in net profit for 2011

Mar. 29, 2012 (China Knowledge) - New China Life Insurance Co<601336><1336>, a major life insurer in China, said yesterday that its net profit rose 24.46% year on year to RMB 2.80 billion in 2011.

Basic earnings per share were RMB 1.24 last year.

New China Life, which was listed in Shanghai and Hong Kong in December last year, saw its revenue climb 7% year on year to RMB 109.2 billion in 2011. Revenue from insurance business increased 4.1% to RMB 94.80 billion, and the firm's market share rose 1.0 percentage points to 9.92% in the period.

The company said that the slowdown in its insurance revenue growth was due to an 8.1% decline in revenue from bancassurance channel, which fell to RMB 56.69 billion last year.

The life insurer booked RMB 13.66 billion in net investment income last year, 47.3% more than in 2010. As of the end of last year, the company's investment assets had increased 27.7% year on year to RMB 373.96 billion, of which 32.9% were in time deposits, 50.9% were in debt investments and 7.8% were in equity investments.

Bigger rival China Life Insurance Co Ltd<601628><2628> announced earlier 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.

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