SHANGHAI, April 27 (Reuters) - China Life Insurance Co Ltd , the country’s biggest insurer by market value, reported a 17.1 percent rise in first-quarter profit on Thursday, on strong premium growth.
China Life said net profit for the quarter rose to 6.15 billion yuan ($892.24 million) in the first three months of the year, compared with 5.3 billion yuan a year earlier.
Hong Kong-listed Chinese life insurers had average total written premium growth of 19 percent last year, driven by almost 30 percent growth in the individual agent channel, according to an April Moody’s report.
China Life reported a lower annual profit for the first time in four years for 2016, saying interest rates had dragged down investment income by more than a fifth.
$1 = 6.4774 Chinese yuan Reporting by Engen Tham; Editing by Stephen Coates