Insurer's earnings skyrocket 17-fold

China Life Insurance Company (2628) saw its net profit surge more than 17-fold in the third quarter year-on-year to more than 66 billion yuan (HK$72.01 billion), with net profit from the first three quarters jumping nearly 174 percent to 104.5 billion yuan.

Revenue in the third quarter reached 192.9 billion yuan, a year-on-year increase of 124 percent, with total returns of 427 billion yuan for the first three quarters, growing by 54 percent compared to the same period a year earlier.

In the first nine months, gross written premiums amounted to 608 billion yuan, a year-on-year increase of 5.1 percent.

It also achieved a gross investment income of 261 billion in the first three quarters, representing a year-on-year increase of 152.4 percent. The gross investment yield was 5.38 percent.

The company announced yesterday that Cai Xiliang will be the executive director of the eighth session of the board and its chairman.

Competitor China Pacific Insurance's (2601) net profit in the third quarter rose by more than 173 percent to 13 billion yuan year-on-year, with net profit in the first nine months jumping 65.5 percent to over 38 billion yuan.

June Chen