China Life Insurance Co, the country's largest life insurer, achieved robust profit growth last year through the integration and cooperation of its subsidiaries, Chairman Yang Mingsheng said on Wednesday.
In a statement to the stock exchange late on Tuesday, the company reported profits up 124 percent for 2013 after a loss of 40 percent in 2012.
Improved integration of resources at seven subsidiaries was a major contributor to the reversal, Yang said.
"2013 was an extraordinary year. The world economic recovery experienced difficulties, and the Chinese economy faced increased difficulties and challenges. The insurance industry, in particular the life insurance industry, has entered a stage of relatively mild growth," Yang said.
The company's net income rose to 24.8 billion yuan ($4 billion) from 11.06 billion yuan a year earlier, the company reported.
Stock market rallies in 2012 helped China Life boost investment returns and contain impairment losses that more than doubled to 31.1 billion yuan in 2012 and led to the decline in that year.
Meanwhile, Lin Dairen has been appointed as president of China Life subject to approval by the China Insurance Regulatory Commission. Wan Feng tendered his resignation as president and was designated a non-executive director. Wan was elected vice-chairman of the company, effective March 25.
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