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New China Life Insurance forecasts 45% YOY decline in FY'16 net profit

New China Life Insurance Co. Ltd. expects its 2016 full-year net profit attributable to shareholders to decline by about 45% year over year.

The company said Jan. 24 that it forecast a decline in net profit due to a significant year-over-year decrease in investment income in 2016, as well as the impact of the change of discount rate assumption of reserves of traditional insurance contracts.

For the 2015 full year, the insurer posted net profit of 8.60 billion yuan, or 2.76 yuan per share.

As of Jan. 24, US$1 was equivalent to 6.86 Chinese yuan.