China Life profit falls by 47% in Q1

Chinese insurance giant China Life Insurance disclosed that its net income has dropped to CNY15.2bn (USD2.3bn) or 47% in Q1, from CNY28.6bn a year earlier. The nation's largest life insurer said that recent “sporadic outbreaks” of the virus have contributed to a further slowdown in business for the industry. Chinese insurers are facing weaker economic growth while a slump in the benchmark CSI 300 Index weighed on investment returns in the first quarter. A probe of former China Life chairman Wang Bin, who resigned in February just six weeks after being placed under investigation by the nation's top anti-graft watchdog, has added to headwinds. Bai Tao was elected as his replacement, subject to regulatory approval.