China Life Insurance (LFC.NYSE, 601628.SH) reported a 28% fall in profits for the first half of the year, far below analysts’ expectations, the Wall Street Journal reported. China Life, the world’s largest life insurer by market value, blamed an increase in claims and slow growth in premiums. The company also reported a decline in its solvency level to 164% in June down from 212% in December. The solvency ratio, which measures of a company’s ability to repay, must be kept above a minimum level of 150%. The company said it will raise US$4.7 billion from a debt issue to restore its capital levels First-half profits were US$2.03 billion, down from US$2.82 billion last year, missing analysts’ forecasts of $2.75 billion. The company reported that premiums have risen by only 6%, compared to 13% last year. At the same time, claims from policyholders rose 64% to a total of US$7.18 billion.