New China Life Insurance (NCI) (01336) said its net profit attributable to shareholders for the first quarter of 2016 dropped 45% year-on-year to Rmb1,994 million.
Basic and diluted earnings per share were Rmb0.64.
Operating income amounted to Rmb55,267 million, a decrease of 16.6% from a year earlier. Investment income dropped 36% year-on-year to Rmb9,284 million.
Premiums earned amounted to Rmb46,076 million, down 10.7% year-on-year.