China Life Insurance to double its 2024 profit as investment income rises

China Life Insurance (2628) expects its earnings to jump by more than 122 percent last year as income from investment surged.

The state-owned company estimated that the net profit will be in a range of 102.4 billion yuan (HK$110.2 billion) to HK$112.6 billion yuan, which represents a year-on-year increase of approximately 122 percent to 144 percent, a filing on Friday said. 

The stock market rebounded rapidly after a period of low volatility, resulting in a substantial year-on-year increase in the total investment returns of the insurer, it said.