Money

China Life says 2009 net profit up 72%

(Xinhua)
Updated: 2010-04-08 00:13

BEIJING - China Life Insurance Co, China's largest insurer, posted 71.8 percent growth in net profit for 2009 on higher investment income, the company said Wednesday.

The insurer's net profit hit 32.88 billion yuan ($4.81 billion) last year, the company said in its statement filed with the Shanghai Stock Exchange.

Earnings per share jumped to 1.16 yuan in 2009, from 0.68 yuan in 2008.

Revenue rose 9.3 percent year-on-year to 342 billion yuan, the statement said.

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The insurer attributed the profit rise to increased investment income after the government's stimulus package prompted a rebound on the country's domestic stock market last year.

China Life said its investment income reached 62.81 billion yuan last year, from 53.77 billion yuan in 2008.

The insurer's premium income hit 275.1 billion yuan last year, up 3.7 percent from a year ago, the statement said.

Total assets climbed 24.2 percent to top 1.23 trillion yuan by the end of last year.