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China Life Insurance FY'17 profit jumps 68.6% YOY


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China Life Insurance FY'17 profit jumps 68.6% YOY

China Life Insurance Co. Ltd., the country's largest life insurer by market share, said its net profit for 2017 jumped 68.6% year over year.

Net profit for 2017 rose to 32.25 billion yuan from 19.13 billion yuan in the prior year, the insurer said. EPS climbed to 1.13 yuan from 66 fen for Hong Kong-listed shares, it added.

The S&P Capital IQ consensus mean estimate for full-year 2017 normalized EPS was 1.14 yuan for Hong Kong-listed shares, while the consensus GAAP EPS estimate for the year was also 1.14 yuan.

The insurer said Jan. 30 it expected a 55% to 75% year-over-year increase in net profit for 2017. It said the rise was due to a rapid increase in investment income and a change in the discount rate assumption of reserves of traditional insurance contracts.

As of March 21, US$1 was equivalent to 6.33 Chinese yuan.

More details to come.