China Life Insurance aid its first-half net profit slumped by 38% from a year earlier to 25.4 billion yuan due to the slides in the equity market, and scrapped its interim dividend payout.
Revenue for the period fell by 3.8% to 516.7 billion yuan, including a 0.7 percent dip in realized net premiums to 419.6 billion yuan, the insurer said. New business value for the six months fell by 13.8% to 25.7 billion yuan, but premiums from new policies grew by 4.1% to 139.4 billion yuan.
Its renewal premiums declined by 2.5% to 300.6 billion yuan, but the surrender rate also decreased by 0.16 percentage points to 0.51%.
Gross investment income slipped by 16.2% to 98.5 billion yuan and the gross investment yield was 4.21%, down by 148 basis points from a year ago.