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China Life Reports 15% Rise In First-Half Profit

Company's first-half profit rose due to gains in the value of its securities holdings

China Life Insurance has witnessed a rise in first-half profit from investment returns and the company’s revenues rose 21.3% year-on-year.

China Life’s net income rose to CNY18.2b from CNY15.8b a year earlier. The insurer said it registered a gain of CNY1.52 b on the value of its financial assets, compared with a loss of CNY7.77b a year earlier.

This year’s rise in China’s stock markets helped the company boost its first-half investment income to CNY11.9b, a 16-fold increase over the same period of 2008. The company reported a CNY1.4b net fair- value gain on held-for-trading assets, reversing a CNY6.5b yuan loss a year earlier.

The Beijing-based company’s net investment income, which mainly comes from dividends and bond yields, fell 25.2% from a year earlier to CNY18.9b. Debt securities fell by almost 10 percentage points to 51.5% of China Life’s portfolio.