China Life revises up 2009 profit growth forcast to 200%

WorldRich.net 10-03-09 Xinhua

China Life, the country's largest insurer, said on Tuesday that its 2009 net profit is expected to grow more than 200 percent from a year earlier, revising a previous forecast for 50 percent growth.

The revision was made to follow a change in China's accounting rules required by the Ministry of Finance on Dec 22, said the company in a statement filed to the Shanghai Stock Exchange.

The insurer posted a net profit of 10.07 billion yuan (1.47 billion U.S. dollars) for 2008, providing 0.36 yuan of earnings per share, according to the statement.

The figures for 2008 have not been amended following the changes in accounting standards, it said

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