Nation’s Biggest Life Insurer Says Profits Plunged Last Year on Weak Stock Market
China Life Insurance Co. Ltd. saw shares slump on Wednesday morning after it said last year's profits may have fallen as much as 70% due to weak returns on equity investments.
Shares in the insurer dropped as much as 4.32% in Shanghai after the market opened, with losses narrowing to around 1.6% by the noon break. China Life’s Hong Kong-listed shares also suffered declines, losing about 4.3% before closing down 2.28% in the morning session.
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