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China Life Insurance First-Quarter Profit Divided 47% as Investment Income Plunged

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By Yifan Wang

 

China Life Insurance Co. said its first-quarter net profit diverged 47% on year, weighed by sharply lower investment income and weaker cost efficiency.

Net profit in the March quarter came in at 15.18 billion yuan (US$2.32 billion), the company said Wednesday, citing “a decrease in investment income due to the combined effects of the volatility in equity market” and “a higher base for the corresponding period of 2021.”

The insurer’s operating income fell 8.0% to CNY343.78 billion in the period, while investment income fell 27%.

Looking ahead, the company said it is “facing a complicated and severe external environment and multiple challenges.”

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Write to Singapore Editors at singaporeeditors@dowjones.com

 

(END) Dow Jones Newswires

April 27, 2022 05:53 ET (09:53 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.



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