China Life says Q1 net profit falls 61 percent

HONG KONG, April 27 (Reuters) - China's top life insurer, China Life Insurance Co (2628.HK: Quote, Profile, Research)(LFC.N: Quote, Profile, Research), on Sunday reported a 61 percent fall in first-quarter profits, according Chinese accounting standards, fuelled by poor investment performance.

China Life posted first quarter earnings of 3.47 billion yuan ($495 million). That compares to the company's 8.89 billion yuan net profit in the year ago period, according Chinese accounting standards.

Investment returns at China Life (601628.SS: Quote, Profile, Research), which leads rival Ping An Insurance (Group) Co (2318.HK: Quote, Profile, Research)(601318.SS: Quote, Profile, Research), are under pressure after China stocks have fallen by half in the last six months.

Chinese insurers derive much of their income from stock market investments.

Though China Life's Hong Kong shares have risen so far in April, its stock is down 16 percent this year. Ping An's stock is down 14 percent.

($1=7.009 Yuan)

(Reporting by Michael Flaherty and Kennix Chim)