Insurancenewsnet.com April 08, 2010
BEIJING _ China Life Insurance Co. said Thursday its 2009 profit surged 72 per cent as China's economic rebound boosted stock markets and investment income.
Profit for the year ending Dec. 31 was 32.8 billion yuan (US$4.8 billion), or 1.16 yuan (17 cents) per share, the Beijing-based company said. It said revenues rose 13 per cent to 339.3 billion yuan ($49.7 billion).
``This was primarily due to an increase in investment yield resulting from favourable capital market conditions,'' the company said in a statement.
Assets rose 24.2 per cent over the previous year to 1.2 trillion yuan ($175 billion), the company said. That came as China's main stock market index rose 80 per cent amid a stimulus-fueled economic rebound from the global downturn.
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