China Life shares set to open down 3.3 pct after profit warning

HONG KONG Wed Oct 17, 2012 9:28pm EDT

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HONG KONG Oct 18 (Reuters) - The Hong Kong-listed shares of China Life, the world's largest insurer by market value, are set to open down 3.26 percent on Thursday after it warned of a 55 percent fall in profits in the first nine months, pointing to its first quarterly loss since 2008.

The profit warning by China Life was issued on Wednesday night. If borne out when results are reported on Oct. 26, those figures would translate into a 2.1 billion yuan ($335 million) third-quarter loss when taking into account first half profits, its first quarterly loss since the global financial crisis. (Reporting by Clare Baldwin; Editing by Paul Tait)