New China Life Insurance reports Q1 growth in revenue, net profit

BEIJING, May 5 (Xinhua) -- New China Life Insurance Company Ltd. registered growth in its revenue and net profit in the first quarter this year.

Its net profit attributable to shareholders of the parent company increased 37.6 percent year on year to 4.64 billion yuan (about 657.5 million U.S. dollars) in the first three months, according to a report the insurer filed with Shanghai Stock Exchange.

The insurer's business revenue reached 68.15 billion yuan in the period, up 37.5 percent year on year.

The premium income of New China Life came in at 58.25 billion yuan, up 34.9 percent in the first quarter of 2020, the report said.

Meanwhile, its profit from investment grew from 79.9 percent to 12.39 billion yuan in the first quarter, and the insurer's total investment assets amounted to 897.94 billion yuan, up 7 percent year on year by the end of March. Enditem