China Life Q1 profits down 61%

China Life Insurance announced first-quarter net profits of US$495.2 million, down 61% from the same period last year according to Chinese accounting standards, Reuters reported. The insurer, China's largest, recorded a loss of US$786 million on the fair value of its portfolio investments during the three-month period as the Shanghai stock market fell sharply from highs the previous fall. China Life's investments had posted a US$557 million fair-value gain during the first quarter of 2007.