CHINA LIFE PROFITS RISE 160% DURING FIRST HALF

China Life Group, the country’s largest composite, benefited from an ebullient domestic stockmarket in the first half, with booming investment returns contributing to a 160% in net H1 profits to 23.3bn yuan ($3.1bn), up from 8.97bn yuan in the same period last year. Revenue rose just under 40% to 101.4bn yuan. Net investment income was up to 24bn yuan, compared with 11.3bn yuan in H1 2006, helped by a 12bn yuan gain in equities, six times the return during the same period last year. Net premium income was up 17% to 63.4bn yuan. The company maintained its dominance of the life sector, with a 46.9% market share, but this was down from the 49.4% share that it had a year earlier. Meanwhile, China Life P&C has opened a branch in Shenzhen, one of the first group of provincial branches being created by the Beijing-based subsidiary of China Life Group. China Life P&C in Shenzhen will offer Property, legal liability, agricultural insurance, short-term health insurance, accident cover and reinsurance.