Wednesday, March 26, 2008

China Life Insurance 2007 profit nearly doubles

China Life Insurance Co <>, China's largest life insurer, nearly doubled its profit in 2007, beating analysts' expectations on Tuesday on strong investment returns and sales of life insurance policies.

China Life <> , which with No.2 Ping An Insurance (Group) Co <> <> dominates the country's life insurance market, reported net profit of 38.88 billion yuan ($5.5 billion) in 2007, compared with 19.96 billion yuan in 2006.

A poll of 21 analysts forecast an annual profit of 37.4 billion yuan, with 14.1 billion yuan coming in the second half, according to Reuters Estimates.

($1=HK$7.8=7.0535 yuan)

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