China Life profit up 114%

China's largest life insurer reported a 114% surge in net profits last year propelled by investments in bullish markets in Shanghai, Shenzhen and Hong Kong, the Standard reported. Profits at China Life jumped to US$2.58 billion last year with the profit contribution from non-insurance income making up 32.9% of the total, up from 18.5%. Income from insurance premiums accounted for 67.1% of the total. Revenue was up 50% from a year earlier to US$19 billion. "We have captured the favorable conditions of the capital market by increasing investment in equity and debt," said China Life chairman Yang Chao. Earnings beat the expectations of economists with new business coming in higher than analysts expected. New business jumped 40% in 2006 from a year earlier to US$1.3 billion.