China Life Nine-Month Net Profit Up 98.3% to CNY26.83 Billion

By Joanne ChiuFeaturesDow Jones Newswires

China Life Insurance Co. (2628.HK) reported a 98.3% rise in net profit in the first nine months of the year, on the back of higher investment income and premium income.

The Chinese insurer said after markets closed Thursday that its nine-month profit rose to 26.83 billion yuan ($4.04 billion) from CNY13.53 billion a year ago. The results were slightly better than the expected 95% rise in net profit it flagged earlier this month.

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In the first nine months, the company's operating income rose 20% to CNY547.65 billion from CNY456.45 billion a year earlier.

Separately, China Life said its 40%-owned affiliate based in Tianjin plans to buy several properties in the northern coastal city for an estimated consideration of CNY2.08 billion, to be used as office premises. China Life's state-owned parent owns the remaining 60% stake of the affiliate.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

October 26, 2017 06:04 ET (10:04 GMT)