China Life Insurance's First-Half Net Profit Fell 8.0% on Year Amid Stock Market Volatility
By Kosaku Narioka
China Life Insurance said Wednesday that first-half net profit fell 8.0% from a year earlier due partly to volatility in the stock market.
The insurer said net profit fell to 36.15 billion Chinese yuan ($4.96 billion) for the six months ended June 30 from CNY39.305 billion a year earlier.
China Life said the profit drop was due to sustained volatility in the equity market and changes in accounting standards.
China Life said first-half revenue declined 1.3% to CNY186.32 billion. Insurance revenue rose 0.2% to CNY91.94 billion, it said.
Investment income dropped to CNY23.61 billion from CNY85.45 billion a year earlier, the company said, adding that the investment-income figures aren't comparable due to changes in accounting standards.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
August 23, 2023 06:08 ET (10:08 GMT)
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