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China Life Insurance's net profit up 128.9% in H1 YOY

China Life Insurance Co. Ltd.'s first-half net profit attributable to equity holders of the company jumped 128.9% to 37.60 billion Chinese yuan from 16.42 billion yuan a year earlier.

The jump was attributed mainly to an increase in gross investment income and the impact from the new policy on pretax deduction of underwriting and policy acquisition costs.

Gross investment income surged to 88.92 billion yuan from 52.94 billion yuan. Investment income grew year over year to 66.35 billion yuan from 60.62 billion yuan due to an increase in interest income from fixed-income investment assets.

Gross written premiums came in at 377.98 billion yuan, versus 360.48 billion yuan in the first half of 2018. Net premiums earned increased to 361.30 billion yuan from 348.99 billion yuan.

As of Aug. 21, US$1 was equivalent to 7.06 Chinese yuan.