China Life’s Third Quarter Saw Pickup in Premium Growth
China Life’s third-quarter results included a 60% drop in net profit against the year-ago period, while its revenue increased 7.7%. The net profit decline was attributable to a 56% growth in claim costs, a 25% growth in reserve expense, and a 50% increase in commission expense. During the third quarter, claims expenses rose to 56% of total net earned premium on maturity payments. Owing to China Life’s strategic transformation toward the agency channel, commission expense as a percentage of net e...China Life Insurance is engaged in the writing of life insurance business and provision of life, annuities, accident and health insurance products to individuals and groups in the People's Republic of China. Co. also provides individual and group accident and short-term health insurance policies as well as services. Co.'s businesses are organized into four main segments: Individual life insurance, Group life insurance, Short-term insurance and Corporate and other business. As of Dec 31 2010, Co. had approximately 129 million individual and group life insurance policies and annuities and long-term health insurance policies in force.
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