China Life Insurance yesterday reported a first-quarter net profit of 8.88 billion yuan or 31 fen a share. The results, based on Chinese accounting standards, did not provide comparable figures, as this was the insurer's first quarterly report since its mainland listing in January. Profit from insurance business was 73.86 billion yuan, while income from investment was 16.7 billion yuan. The firm booked an exchange loss of 148 million yuan. Shareholders' equity increased 9.98 per cent quarter on quarter to 127.1 billion yuan, thanks to rapid business growth and increased investment income. China Life last week said profit rose 114 per cent last year to 19.96 billion as higher investment income more than offset slower growth in premiums.