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China Life expects up to 50% drop in FY'16 profit

China Life Insurance Co. Ltd. expects up to a 50% drop in full-year 2016 net profit.

The company said net profit attributable to its equity holders for 2016 is estimated to decline by a range of 40% to 50%, compared to 34.70 billion yuan in 2015. The estimated decrease is mainly attributable to lower investment income and the impact of the update of discount rate assumption of reserves of traditional insurance contracts.

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