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New China Life posts RMB 1.9 bln net profit for H1

Aug. 30, 2012 (China Knowledge) - New China Life Insurance Co<601336><1336>, a major life insurer in China,  yesterday reported a slower growth of 7.3% YoY in net profit, which stood at RMB 1.9 billion in the first half of this year.

Basic earnings per share were RMB 0.61 during the period, down from RMB 0.93 in H1 of 2011.

The insurer realized RMB 55.95 billion in premium income in the first six months, with its market share rising 0.8 percentage points from the same period of 2011 to 9.8%. The company was ranked third in the Chinese life insurance market.

The company saw its total investment income grow 7.3% YoY to RMB 7.3 billion in the period, but investment return fell 0.4 percentage points to 1.8% as the firm booked an RMB 2.02 billion of impairment loss on its equity investment amid the weak stock market.

At the end of June, the company's assets under investment had increased 21.1% from the end of last year to RMB 452.91 billion, of which 36.0% was in time deposits, 46.8% in debt investments and 7.4% in equity investments.

New China Life had a solvency adequacy ratio of 158.76% at the end of June, 2.81 percentage points higher than at the end of 2011.

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