BEIJING, April 14 (Reuters) - China Life Insurance Co said on Tuesday its revenue from premiums grew 2 percent in the first three months of 2009 compared with the same period of 2008.
The world's biggest life insurer by market value collected 104 billion yuan ($15 billion) in premiums in the first quarter, up from 102.2 billion yuan a year earlier, it said in a filing to the Shanghai Stock Exchange.
China Life said last month it would adopt a conservative investment strategy that focuses mostly on fixed-income products in 2009, after seeing its 2008 profit plunge during the global market turmoil.
China Life and smaller rival China Ping An Insurance (Group) Co suffered from a collapse in investment returns last year as the country's benchmark Shanghai Composite Index tumbled nearly 70 percent.
($=6.83 yuan)
(Reporting by Michael Wei; Editing by Kirby Chien/Will Waterman)
((michael.wei@thomsonreuters.com; +86 138 1177 7665; Reuters Messaging: michael.wei.reuters.com@reuters.net)) Keywords: CHINALIFE/PREMIUMS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The world's biggest life insurer by market value collected 104 billion yuan ($15 billion) in premiums in the first quarter, up from 102.2 billion yuan a year earlier, it said in a filing to the Shanghai Stock Exchange.
China Life said last month it would adopt a conservative investment strategy that focuses mostly on fixed-income products in 2009, after seeing its 2008 profit plunge during the global market turmoil.
China Life and smaller rival China Ping An Insurance (Group) Co suffered from a collapse in investment returns last year as the country's benchmark Shanghai Composite Index tumbled nearly 70 percent.
($=6.83 yuan)
(Reporting by Michael Wei; Editing by Kirby Chien/Will Waterman)
((michael.wei@thomsonreuters.com; +86 138 1177 7665; Reuters Messaging: michael.wei.reuters.com@reuters.net)) Keywords: CHINALIFE/PREMIUMS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
