China Life Insurance Co the largest life insurer of China gained its profit by 29% from earlier this year which is due to the gains in securities holdings. The net profit for 6 months ended June 30 rose to 13.92 billion from 10.77 a year.
The company’s profit rose to 18.23 billion up 15% from 15.84 billion with matching up of the analysts surveyed by Dow Jones. The insurer said that they booked a profit of 1.52 billion yuan with the value on financial assets this year.The company gained benefit with a sharp rise in China’s stock market along with the decision to shift some funds into shares for an expense of fixed-income products. At the end of June, the stocks accounted for 7.88% to the company’s investment portfolio with increase of 4.36% at the end of June. The investment income fell to 33.69 billion Yuan as the income from tradable securities dropped down to a significant income.
China Life said that the first half premium income fell to 172.31 billion yuan which is a 54% decline in premium from insurance contracts which is sold to groups.
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