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In the period, it cut the shareholding in CITIC Securities (600030.SH), China Shenhua Energy Co., Ltd. (601088.SH) and Industrial and Commercial Bank of China (601398.SH).
At the same time, the fixed deposits of China Life gained CNY 13.4 billion to hit CNY 192.6 billion, up 14.26% compared to the start of the year; and fixed-incomes investments added CNY 5.5 billion to CNY 211.1 billion, rising 7.89% compared to the start of the year.
Similarly, Ping An Insurance (Group) Company of China, Ltd. (601318.SH) sold some tradable financial assets in the July to September period. Based in Shenzhen, its investments in fixed- income instrument rose CNY 2.8 billion up to CNY 129.2 billion as of September 30 and fixed deposits were up CNY 10.6 billion to CNY 59.8 billion.
Based in Beijing, China Life has seen its net profits in this year's third quarter slide 46.91%, according to its quarterly report filed to the Shanghai Stock Exchange.
As of September 30, 2008, the assets of China Life totaled CNY 946.4 billion, growing 5.79% year over year. Also as at the end of the third quarter, the investment assets of the Chinese life insurance giant were CNY 888.6 billion, of which, CNY 12.78 billion were tradable financial assets, reducing 49.14% than the previous year.
In the first nine months, it achieved up to CNY 1.28 billion in operating revenues and CNY 13.11 billion in net profits. The dual-listed insurance firm has attributed such decreases in operating revenues and net profits to the decline in investment yields. In the reporting period from the first to the third quarter, China Life realized CNY 248.6 billion incomes from the main business, that is, the insurance business.
Pursuant to the insurer's announcement dated October 28, it is planning to add the investments in China Life Insurance Asset Management Company Limited. Their parent group China Life Insurance (Group) Company will also take part in the move, after which, China Life and China Life Insurance (Group) will respectively take a 60% and 40% stake in the asset manager.
The board of directors has granted approval for China Life to carry out the plan, which is still pending approval from local competent authorities.
(USD 1 = CNY 6.84)
From www.nanfangdaily.com.cn, Page 1, Thursday, October 30, 2008 info@SinoCast.com
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