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China Life sees narrowed decline in Q1 net profit

Apr. 26, 2012 (China Knowledge) - China Life Insurance Co Ltd<601628><2628>, the country's largest life insurance company, announced yesterday that its net profit fell 29.4% year on year to RMB 5.63 billion in the first quarter of this year, narrowing from a 45% profit plunge in 2011.

Basic earnings per share were RMB 0.20 in the first quarter, down from RMB 0.28 in the same period of last year.

The life insurer saw its operating revenue slide 5.77% year on year to RMB 131.92 billion in the first three months. Insurance premium income declined 7.61% year on year to RMB 112.74 billion during the period.

China Life booked RMB 19.02 billion of in investment income in the quarter, reflecting a growth of 10.74% year on year, and investment return rose 1.6 percentage points year on year to 2.71%.

At the end of March, the company's investment assets had reached RMB 1.55 trillion.

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