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New China Life Insurance posts 45% YOY drop in Q1 net profit

New China LifeInsurance Co. Ltd. reported a 45% year-over-year decline in netprofit for the first quarter on the back of lower operating income and higherclaims expense during the period.

The group's consolidated net profit attributable toshareholders fell to 1.99 billion yuan from 3.63 billion yuan in the prior-yearquarter. EPS declined 44.8% year over year to 64 fen from 1.16 yuan.

Premium income for the quarter dropped to 46.58 billion yuanfrom 52.00 billion yuan. Investment income fell to 9.28 billion yuan from 14.52billion yuan.

Operating income declined to 55.27 billion yuan from 66.26billion yuan, while operating profit fell to 2.16 billion yuan from 4.70billion yuan.

The insurer's claims expense for the quarter climbed to12.40 billion yuan from 7.48 billion yuan. Operating expenses declined to 53.11billion yuan from 61.56 billion yuan.

As of April 28, US$1was equivalent to 6.48 Chinese yuan.