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Taipei-based China Life Insurance posts NT$2.69B net profit in Q1

Taiwan's ChinaLife Insurance Co. Ltd. reported first-quarter net profit ofNT$2.69 billion amid strong new business strain and appreciation of the localcurrency.

EPS for the quarter ended March 31 reached 81 cents, thecompany said April 12. Excluding the foreign exchange reserve impact, EPS forthe period was 55 cents.

For the first quarter, China Life Insurance recorded first-yearpremium of NT$22.2 billion, up 44% year over year. Total premium reachedNT$39.9 billion, while regular-paid premium jumped 1.2x year over year,boosting the growth of the company's embedded value.

The company's risk-based capital ratio reached 357% at theend of 2015.

As of April 12, US$1was equivalent to NT$32.39.