October 18, 2016 / 10:01 AM / a year ago

China Life forecasts 60 percent drop in 9-month profit

BEIJING, Oct 18 (Reuters) - China Life Insurance Co Ltd , the country’s biggest insurer by market value, said on Tuesday that it expected net profit for the first nine months of the year to decline about 60 percent.

A slide in investment income and recalculation of risk reserves would cause net profit to fall from 33.84 billion yuan for the same period a year earlier, China Life said in a statement to the Shanghai Stock Exchange.

The insurer reported in August that net profit for the first-half of the year fell 67 percent to 10.4 billion yuan, hit by a drop in investment income amid weak stock markets and low interest rates.

China Life Vice President Zhao Lijun said at the time that the insurer would boost its overseas investments to 15 percent of total assets in coming years, from about 2 percent now. (Reporting By Matthew Miller; Editing by Amrutha Gayathri)

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