Author: 123jump.com Staff
123jump.com
Last Update: 1:41 PM EDT April 28 2008
China Life Insurance reported first quarter earnings declined 61% on recent weakness in stock market volatility. Earnings in the quarter fell to 3.47 billion yuan from 8.89 billion yuan on 5.5 billion yuan loss in its investment portfolio. China Life relies on the stock market gains for most of its portfolio and Shanghai market has lost nearly 33% of its value in the quarter. Gross premium in the quarter rose 39.5% to 101.5 billion yuan. Bank of China earnings rose 85%.
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