Insurer reports higher profits in first half
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.