China Life lifts interim dividend by 50 percent as profit more than triples

China Life Insurance (2628) more than tripled its net profit to 134.5 billion yuan in the first six months of this year, partly driven by a surge in investment income.

The insurer’s profit grew by 228.6 percent in the period compared to the year prior, according to a filing on Thursday.

It also lifted the interim dividend by 50 percent to 35.8 fen. 

New business value, a key metric for insurers, jumped by 33.7 percent to 38.2 billion yuan in the period, while gross written premiums saw a 2.2 percent growth to 536.6 billion yuan.

Revenue soared by 81.5 percent to 434.6 billion yuan as gross investment income surged 1.47 percent to 314.5 billion yuan on an optimized asset allocation structure. The gross investment yield also went up 229 basis points to 5.58 percent. 

Investment income skyrocketed 3.14 times to 240.2 billion yuan.

Embedded value advanced by 10 percent to 1.61 trillion yuan. 

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