best insurance stock - Red People's Republic of China Life Insurance expanding describe of piece of job concern 2013 : Red People's Republic of China Life Insurance Co. (LFC) volition primarily focus on expanding its life insurance describe of piece of job concern this twelvemonth despite growing pressure level due to slower sales inward the sector, President Yang Mingsheng said Thursday.
The companionship volition likewise middle investment opportunities inward state-backed projects inward regions similar the Yangtze River Delta together with the Zhujiang Delta, Mr. Yang said at a press briefing afterwards the companionship reported a 40% drib inward 2012 cyberspace net turn a profit tardily Wednesday, citing a "decline inward investment yield" together with an "increase inward harm losses resulting from continued weakness inward uppercase markets."
Net net turn a profit for the 12 months ended Dec. 31 was 11.06 billion yuan ($1.78 billion) compared alongside CNY18.33 billion a twelvemonth earlier, China's altitude life insurer past times premiums said.
Mr. Yang likewise said bancassurance sales are probable to proceed falling this twelvemonth equally insurers confront increasing contest from banking concern products such equally high-yield wealth administration products.
China Life's vice president Liu Jiade said local stock markets may run across around improvement this year, which would assist better the company's investment yield equally good equally convey downward harm losses.
Investment income for 2012 rose to CNY80.01 billion from CNY64.82 billion, piece investment yield brutal to 2.79% from 3.51%, together with harm losses to a greater extent than than doubled to CNY31.05 billion from CNY12.94 billion, it said tardily Wednesday.