October 25, 2018 / 10:19 AM / 24 days ago

UPDATE 1-China Life Insurance Q3 profit plunges 76 pct on lacklustre stocks

    * Q3 net profit dives 76 pct to 3.45 bln yuan
    * 9-month profit down 26 pct 
    * Value of 9-month premium income up 4 pct

 (Adds details, context)
    SHANGHAI, Oct 25 (Reuters) - China Life Insurance Co Ltd
                     , the country's second-biggest insurer by
market value, reported on Thursday a 76 percent plunge in
third-quarter net profit due to lower equity income in a
volatile domestic stock market.
    Chinese equity markets have been roiled by investor worries
over high leverage and the escalating trade war between China
and the United States. Chinese stocks fell on Thursday amid a
global sell-off and despite Beijing's fresh market-support
measures.                        
    China Life said third quarter net profit fell to 3.45
billion yuan ($496.52 million) from 14.6 billion yuan in the
same period a year earlier.
    "The equity assets income of the company in the open market
declined significantly due to the impact of the prolonged
downturn in the domestic stock market," China Life said in a
statement to the Hong Kong Stock Exchange.
    The insurer said 9-month net profit dropped 26 percent to
19.87 billion yuan from 26.8 billion yuan in the same period a
year ago.
    China Life reported 9-month premium income of around 468.5
billion yuan, a year-on-year increase of about 4 percent.
            
($1 = 6.9484 Chinese yuan renminbi)

 (Reporting by Engen Tham in SHANGHAI and Shu Zhang in BEIJING;
Editing by Darren Schuettler)
  
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