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China Life's H1 net profit down 26%

Aug. 29, 2012 (China Knowledge) - China Life Insurance Co Ltd<601628><2628>, the country's largest life insurance company, announced yesterday that its net profit fell 26% YoY to RMB 9.64 billion in the first half of this year.

The company's insurance premium income reached RMB 184.74 billion in the first six months, down 5.2% YoY. The insurer had a 32.4% share in the Chinese life insurance market.

China Life's overall investment return was only 2.83% in H1, down from 4.5% in the same period of last year, as it suffered an impairment loss of RMB 15.12 billion amid a weak stock market.

The company saw its ratio of time deposits increase to 37.66% at the end of June from 34.84% at the end of last year but the ratio of equity investment fall to 10.01% from 12.17%.

At the end of the second quarter, the company's solvency adequacy ratio stood at 230.56%.

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