China Life profits jump 55%

China Life Insurance posted a 55% increase in first-quarter net profit, Dow Jones reported. Net profit at China’s largest life insurer rose to US$789 million from US$508.3 million in the same period a year ago. Premiums increased 1.8% to US$15.2 billion. The rise in income was helped by the Chinese stock market’s rally – China Life reported a fair value gain of US$123.19 billion for its financial assets over the quarter as the Shanghai Composite Index rose 30%. The insurer also reported that a sale of a 51% stake in a joint venture with Commonwealth Bank of Australia was proceeding, after first announcing its intention to exit the venture in 2003.