Caixin
Mar 25, 2022 03:12 AM
FINANCE

China Life Misses Profit Estimates as Economy Drags on Sales

China’s cooling economy and lower interest rates have eroded demand for life insurance and hampered investment returns.
China’s cooling economy and lower interest rates have eroded demand for life insurance and hampered investment returns.

(Bloomberg) — China Life Insurance Co., the nation’s largest life insurer, posted annual profit that missed estimates as an economic slowdown and a reshuffle of agents weighed on sales.

Net income rose 1.3% to 50.9 billion yuan ($8 billion), the Beijing-based insurer said Thursday in a filing with the Hong Kong stock exchange. That trailed the 57.5 billion yuan average estimate of analysts surveyed by Bloomberg.

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