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Taiwan-based China Life reports YOY rise in Q3 net income

Taiwan-based China Life Insurance Co. Ltd. posted a year-over-year rise in net income for the third quarter, it said in a Nov. 10 release.

The insurer reported a net income for the quarter ended Sept. 30 of NT$5.26 billion, or NT$1.39 per basic share, up from NT$3.15 billion, or 83 Taiwan cents per basic share, in the prior-year quarter.

The S&P Capital IQ mean consensus estimate for normalized EPS was 72 cents, with three analysts reporting.

Premium income for the quarter rose to NT$51.36 billion, from NT$47.68 billion, while retained earned premium rose to NT$51.11 billion from NT$47.41 billion.

The company saw a loss on financial assets and liabilities at fair value through profit or loss of NT$74.5 million, compared to a gain of NT$12.35 billion in the year-ago quarter. It also posted a NT$183.2 million loss in net changes in foreign exchange valuation reserve, compared to a gain of NT$2.01 billion in the third quarter of 2016.

For the nine-month period ended Sept. 30, China Life reported a decline in net income to NT$7.60 billion from NT$9.07 billion. Earnings per basic share fell to NT$2.01 from NT$2.40.

As of Nov. 10, US$1 was equivalent to NT$30.21.