According to media releases, China Life Insurance Company has seen a staggering 159.7% rise in net profit to CNY23.29 billion for the first half of its fiscal year. The positive results have been attributed to soaring returns from stock market investments, The Standard revealed.
<p>Meanwhile, the group's revenues reached CNY101.43 billion, up 40% from the same period a year ago, boosted by a steady increase in insurance premium and policy management fees, which amounted to CNY63.65 billion by the end of June 2007, reported East Day. <br /><br />In addition, the Beijing-based insurer reportedly revealed a 17% rise in gross written premiums in its life insurance business, The Standard revealed. <br /><br />According to The Standard, the group's chairman, Yang Chao, said that during the second half of the year, he expected the central government's tightening measures, volatility in capital markets, and intense competition in the insurance market to impact upon the company's business. However, Mr Chao added that the company will seek further to enhance its investment management capability to improve profitability.</p>