CHINA LIFE EARNINGS BEAT FORECASTS

FIRST half profits for China Life were ahead of analysts’ forecasts but still fell nearly a third year-on-year. The insurer reported a profit for the period of Yuan15.8bn which it said had been dented by a 2% fall in revenue to Yuan99bn. More significantly the group was hit by the plunging stock market which contributed to a 67% drop in net realised gains from stocks and other financial assets. China Life chairman Yang Chao said in a statement: "In the first half of 2008, the deep downturn of capital market put huge pressure on the company's investment." As a result, during the period China Life reduced its stock portfolio to 13.3% of its assets at the end of June from 23% at the beginning of January.