China's biggest insurer to boost proportion of protection-oriented products

China Life Insurance Co Ltd, the country's biggest insurer by market value, will boost the proportion of protection-oriented products among its business portfolio, especially in the health insurance sector, the company's chairman said on Friday.

"We will commit to the development of protection-oriented products, especially in the health insurance sector," Yang Mingsheng, chairman of China Life Insurance Co Ltd, said.

"We will develop more protection-oriented products to serve the real economy."

China Life in 2016 set up a 12 billion yuan ($1.8 billion) PE fund focusing on the health sector, the largest one of such kind in the country.

The insurer, on Thursday, reported an 18 percent increase in the first-half net profit, due to higher investment return and premium income.

China's major insurer said its net profit for the six months, ended June 30, was 12.24 billion yuan, up from 10.40 billion yuan a year earlier, and the first-half total revenue rose 17 percent to 396.17 billion yuan.

The insurer's first-half investment income rose 5.8 percent from a year earlier to 57.70 billion. Its net premiums earned 336.27 billion yuan, up from 284.24 billion yuan a year earlier, according to its interim report.