Wednesday, March 26, 2008

China Life 2007 profit almost doubled

China Life Insurance Co<601628><2628>, the country's largest life insurer, reported 2007 net profit almost doubled buoyed by the robust investment yield in the world's fastest-growing major economy.

Net income soared 95.4% from the previous year to hit RMB 28.3 billion last year, compared with RMB 14.48 billion in 2006, said the Beijing-based company in a statement. Operating revenue climbed to RMB 281.29 billion, up 23.26% from a year before.

The company benefited from its investment in the booming domestic stock market, which brought the insurer a handsome yield of RMB 87.58 billion, soaring 79.82% over 2006. By the end of last year, China Life invested a combined RMB 850.21 billion in the stock market.

As of the end of 2007, China Life's total assets climbed to RMB 619.9 billion, up 12.36% from the previous year.

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