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As early as April 22 this year, Beijing-based China Life had launched its first investment-linked insurance product, but so far, it hasn't sold any such product in Shanghai, except two sold to insiders of the company. Actually, China Life is believed to have just had a try on such business but have not chosen a proper timing, as local stock market is rather gloomy this year.
China Life in this July to September saw its equity assets decrease 49.76% or CNY 12 billion on the bearish stock market. In the period, it cut the holdings 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 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.
Based in Beijing, China Life has seen its net profits in this year's third quarter slide 46.91%. As of September 30, 2008, the assets 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, decreasing 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. China Life 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 subject to approval by local competent authorities.
(USD 1 = CNY 6.83)
From www.nbd.com.cn, Page 1, Wednesday, November 05, 2008 info@SinoCast.com
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