March 27, 2019 / 11:24 AM / a month ago

China Life Insurance 2018 profit plunges on poor stock market returns

SINGAPORE/HONG KONG, March 27 (Reuters) - China Life Insurance Co reported a 64.7 percent drop in 2018 net profit on Wednesday, in line with its warning issued in January, due to a sharp decline in investment returns from weak stock markets.

The country’s second-biggest insurer by market value, said net profit fell to 11.40 billion yuan ($1.7 billion) last year from 32.25 billion yuan a year earlier.

China Life warned in January that its 2018 net profit would fall by between 50 percent and 70 percent. ($1 = 6.7235 Chinese yuan renminbi) (Reporting By Shu Zhang and Julie Zhu; Editing by Muralikumar Anantharaman and David Evans)

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