New China Life Insurance Co. Ltd. reported full-year 2018 net profit attributable to shareholders of 7.92 billion yuan, compared to 5.38 billion yuan for 2017.
EPS for the year rose to 2.54 yuan from 1.73 yuan.
The S&P Capital IQ consensus GAAP and normalized EPS estimates for the company's Hong Kong-listed shares were 2.54 yuan and 2.56 yuan, respectively, while the GAAP and normalized EPS estimates for the Shanghai-listed shares were 2.68 yuan and 2.59 yuan, respectively.
Gross written premiums and policy fees for the year rose to 122.34 billion yuan from 109.36 billion yuan. After deducting premiums ceded out, the company's net written premiums and policy fees increased year over year to 120.41 billion yuan from 108.09 billion yuan.
Investment income fell to 31.29 billion yuan from 34.38 billion yuan in 2017.
Meanwhile, the insurer's total benefits, claims and expenses increased to 140.76 billion yuan from 134.33 billion yuan a year earlier.
As of Dec. 31, 2018, changes in accounting estimates resulted in an increase in liabilities of life insurance contracts by 1.9 million yuan and an increase in liabilities of long-term health insurance contracts by 3.1 million yuan. In aggregate, this reduced profit before tax by 5 million yuan for the year ended Dec. 31, 2018.
As of March 19, US$1 was equivalent to 6.71 Chinese yuan.