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New China Life Insurance FY'15 net profit up 34.3% YOY

New China LifeInsurance Co. Ltd. on March 29 reported a 34.3% year-over-year increasein net profit attributable to shareholders for the full year ended Dec. 31, 2015.

The company said net profit for 2015 grew to 8.60 billion yuan,or 2.76 yuan per share, from 6.41 billion yuan, or 2.05 yuan per share, for theyear ended Dec. 31, 2014.

The group's total revenue increased to 157.92 billion yuan from142.09 billion yuan.

Investment income increased to 45.07 billion yuan in 2015 from31.78 billion yuan in the previous year.

Total gross written premiums and policy fees increased to 111.99billion yuan from 110.07 billion yuan. Net written premiums and policy fees wentup to 111.30 billion yuan from 109.66 billion yuan.

The solvency margin ratio climbed to 227.43% as of Dec. 31, 2015,from 226.53% as of Dec. 31, 2014.

The value of new business rose to 6.62 billion yuan in 2015 from4.91 billion yuan in the previous year.

The company's board declared an annual dividend of 28 fen pershare for 2015, up from 21 fen per share for the previous year.

The proposed dividend is subject to shareholder approval.

As of March 29, US$1 wasequivalent to 6.51 Chinese yuan.