China Life net climbs to 28.5b yuan, new business falls

China Life Insurance (2628) said first-quarter net profit increased by 67.3 percent to 28.59 billion yuan (HK$34.23 billion) from a year ago.

However, the new business value dropped by 13.2 percent year on year.

The basic earnings per share were 1.01 yuan.

Revenues from the insurance business grew by 5.2 percent to 323.89 billion yuan. The net investment income was 41.4 billion yuan, an increase of 8.7 percent year on year, with a net investment yield of 4.08 percent.

Shares of China Life inched up by 0.13 percent at HK$15.68 today.