Insurance profits fall sharply in first half
By Cai Xiao | China Daily | Updated: 2016-08-02 08:00
The profits of China's three leading insurance companies all dropped sharply in the first half as a weak capital market dragged down investment returns.
China Life Insurance Co, China's largest insurer, released a statement on Sunday that its profit in the first half of the year may fall 65 percent to 70 percent from a year earlier. It attributed the forecast to lower investment income and changes in the assumed discount-rate required for reserves for traditional insurance contracts.
China Pacific Insurance Holdings Co also projected a first-half profit drop of 46 percent, according to its statement on Sunday, for the same reasons as China Life.
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