China Life interim net jumps 128pc

Business | Tereza Cai 23 Aug 2019

China Life Insurance (2628), China's second-largest insurer by market value, reported its net profit jumped by 1.28 times year-on-year to 37.6 billion yuan (HK$41.6 billion) for the first six months ended June 30, while no interim dividend was declared.

Basic earnings per share rose 130.4 percent year-on-year to 1.32 yuan.

The value of new business, which represents the value of the sales during the first half, rose 22.7 percent to 34.57 billion yuan.

The embedded value, reflecting the company's overall aggregated value of shareholders' interest rose 11.5 percent from a year ago to 361.3 billion yuan.

China Life Insurance's gross written premiums amounted to 377.98 billion yuan, an increase of 4.9 percent year-on-year. Shares closed at HK$18.14, down 0.87 percent.

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