October 26, 2017 / 10:04 AM / a year ago

UPDATE 1-China Life Insurance Q3 profit surges on investment gains

    * Q3 net profit jumps 365 pct to 14.6 bln yuan
    * Profit boost from investment gains, strong sales
    * Value of 9-month premium income up 20 pct

 (Recasts, adds background)
    SHANGHAI, Oct 26 (Reuters) - China Life Insurance Co Ltd
                     , the country's second-biggest insurer by
market value, posted a 365.5 percent jump in third-quarter net
profit as investment income soared on the back of a rising stock
market and healthy premiums. 
    Net profit in the third quarter climbed to 14.6 billion yuan
($2.20 billion) from 3.13 billion yuan a year earlier, China
Life said in a statement to the Hong Kong Stock Exchange on
Thursday.
    The profit gains were largely due to an increase in
investment income, it said. Chinese insurers can book gains in
their investment portfolios as profits.
    China's blue-chip index powered to a fresh 28-month high on
Thursday, underpinned by stellar earnings reports from companies
such as liquor maker Moutai and as investors expect Beijing to
push forward "Belt and Road" projects.             
    The insurer said its 9-month net profit rose about 98
percent on year to 26.8 billion yuan from 13.5 billion yuan a
year ago.
    China Life posted 9-month premium income of around 450
billion yuan, around a 20 percent increase on year.             
    ($1 = 6.7801 Chinese yuan)

 (Reporting by Engen Tham in SHANGHAI and Shu Zhang in BEIJING;
Editing by Jacqueline Wong)
  
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