China Life Insurance profits surge 93% in Q1
BEIJING - China Life Insurance Co, one of the country's biggest insurers, said Thursday that its net profits soared 92.6 percent year-on-year during the first quarter of 2019.
Net profits amounted to 26.03 billion yuan ($3.88 billion), according to a statement filed to the Shanghai Stock Exchange.
The insurer attributed the surge to rising incomes from its investment in a bull market.
The company's premium income increased by 11.9 percent year-on-year to 272.4 billion yuan during the period.
Chinese insurers have seen strong premium growth in recent months after authorities tightened regulations last year to fend off financial risks in the world's second-biggest insurance market.
The sector has shown a stronger capacity to forestall risks as its overall leverage has gradually dropped and business structure improved, the country's insurance regulator said in December.
