China Life reports 2016 net profit tumbles 44.9pc, weighed by drop in investment income
China Life’s overseas investments amounted to US$8.6 billion
The insurer would increase its alternative investments this year, such as commercial properties and financials.
The Beijing-based insurer reported 2016 net profit fell 44.9 per cent on year to 19.13 billion yuan (US$2.78 billion), mainly due to a drop in investment income related to downtrending interest rates and volatile capital markets, as well as “the update on the discount rate assumption for reserves of traditional insurance contracts”
China Life together with the other six big mainland insurers have seen their market share fall to 60 per cent from 80 per cent during the last three years, amid aggressive competition from smaller firms
Source: SCMP
http://www.scmp.com/business/global-eco ... pc-weighed