Insurer's net dips

CHINA Life Insurance Ltd, the country's biggest insurer, yesterday said its profit last year plunged 45 percent on weaker investment returns and warned the coming year could be more difficult.

Profit for the year ending December 31 fell to 21.3 billion yuan (US$3.1 billion) or 0.75 yuan per share, from 38.9 billion yuan or 1.38 yuan per share in 2007, the Beijing-based insurer said. Total premiums rose nearly 17 percent to 121.6 billion yuan, the firm said.