China Life Insurance Company reported Thursday H1 revenue rose 17.3% to RMB396.17 billion ($59.48 billion), exceeding the RMB335.51 billion estimate from three analysts polled by Capital IQ. Net profit attributable to equity holders rose 17.8% to RMB12.24 billion, missing the RMB12.92 billion estimate.
It said it will not declare an interim dividend of ordinary shares. Meanwhile, the company said it and Chinese language internet search provider Baidu (BIDU) will form an RMB7 billion private equity fund that will target internet and other technology investments, Reuters reported. China Life will contribute up to RMB5.6 billion and Baidu will contribute RMB1.4 billion.