China Life Insurance Co. Ltd. has estimated its net profit attributable to equity holders will rise between approximately 3.06 billion yuan and 4.29 billion yuan in the first half compared to the prior-year period.

After deducting nonrecurring items, net profit attributable to equity holders will go up in the range of about 3.07 billion yuan to 4.30 billion yuan, the company said.

For the first half of 2017, net profit attributable to equity holders came in at 12.24 billion yuan, and 12.28 billion yuan after deducting nonrecurring items.

The insurer attributed the increase to the update of discount rate assumption of reserves of its traditional insurance contracts and the downward trend of the equity market.

As of July 26, US$1 was equivalent to 6.79 Chinese yuan.