China Life warns of slump in profits
21-01-2009
China Life Insurance has warned that its profit for the whole of last year will slump by more than half. It said the global financial crisis had led to a significant fall in its investment return. The company was also hit by mounting compensation claims arising from natural disasters in 2008. It made the disclosure to the local stock exchange according to listing rules. The insurer earned 28 billion yuan in 2007. The Hong Kong-listed company shares closed 2 percent lower to $21.95 on Tuesday.
