China Life expects nine-month profit surge

Business | 18 Oct 2019 6:19 pm

China Life Insurance (2628) expects its net profit for the first three quarters this year to surge by 1.8 to 2 times to range from 35.76 billion yuan (HK$39.6 billion) to 39.74 billion yuan, driven by investment returns and non-recurring items.

The investment income from fixed-income assets increased constantly, said the company, and the income from open market equity investments grew significantly.

Meanwhile, its income tax expense for the period was reduced amid a 5.15 million yuan tax deduction under the implementation of a new tax policy by the Chinese government.

Shares of the insurer slid 1.05 percent to HK$18.76.

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