China’s largest insurer, China Life Insurance Co Ltd, just got even bigger after it reported a 30% rise in annual net profit to Rmb32.2bn (USD5.19bn) in 2014.
The company attributed its annual net profit rise to gains in its investment portfolio, especially its investment in China’s booming stock markets.
China Life’s net profit in 2014, which was higher from Rmb24.77bn (USD3.99bn), was in line with the average forecast of Rmb32.7bn (USD5.26bn) from analysts.
China Life also said that it has increased the number of its agents by 13% to a total of 743,000 by the end of last year.
China’s insurance industry recorded an average yield on investments of 6.3% last year, from 5% in 2013.
Ping An Insurance Group, China Life’s rival, reported a 39.5% rise in its annual net profits.