SYMBOL:XSHG:601628

BEIJING - China Life Insurance Co., the country's biggest life insurer, said Thursday its first-half profit rose 7.4 per cent as premium growth offset weak stock market returns.

Profit for the six months ending June 30 was 18 billion yuan ($2.6 billion), or 0.64 yuan (9 U.S. cents) per share, up from 16.8 billion yuan a year earlier, the Beijing-based insurer said.

Total revenues rose 10 per cent to 215 billion yuan ($31.5 billion).

Gross written premiums rose 13 per cent to 183.6 billion yuan ($26.9 billion), the company said. That helped to offset weak stock market returns, which produced a gross investment yield of just 2.5 per cent.

China's main stock market index plunged 27 per cent over the first half of the year.

(The Associated Press)