March 22, 2018 / 11:09 AM / 8 months ago

China Life Insurance 2017 profit rises 69 pct, above estimates

SHANGHAI/BEIJING, March 22 (Reuters) - China Life Insurance Co Ltd reported a 69 percent rise in 2017 net profit on Thursday, exceeding analysts’ expectations.

China Life, the country’s second-biggest insurer by market value, said net profit rose to 32.25 billion yuan ($5.09 billion) last year from 19.13 billion yuan a year earlier.

Analysts on average were expecting the company to report net profit of 30.8 billion yuan, according to Thomson Reuters data.

Last year, Chinese insurers pulled in 3.66 trillion yuan of insurance premium income, up 18.16 percent from the end of 2016, the China Insurance Regulatory Commission said in an official notice.

($1 = 6.3300 Chinese yuan renminbi)

Reporting by Engen Tham in SHANGHAI and Shu Zhang in BEIJING; Editing by Mark Potter

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