In­surer re­ports higher prof­its in first half

China Daily (Canada) - - BUSINESS -

The coun­try’s largest in­surer, China Life In­sur­ance Co, re­ported prof­its in the first half of 2014 grew 13.6 per­cent year-on-year to 18.4 bil­lion yuan ($3 bil­lion). Its op­er­at­ing rev­enue in the first half, how­ever, fell 3.5 per­cent from a year ear­lier to 243.7 bil­lion yuan. Net pre­mi­ums fell 3.5 per­cent year-on-year to 193.8 bil­lion yuan. China Life, listed in both Shang­hai and Hong Kong, said the in­crease of half-year profit was pri­mar­ily due to a change in dis­count rate as­sump­tion of re­serves for tra­di­tional life in­sur­ance.

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