China Life’s net profit increased 7.4% to CNY18.03 billion in the first half, while profit at Ping An grew 27.9% to CNY9.87 billion for the period. China Life’s second-quarter profit, however, fell 27% to CNY7.82 billion as its rising premium income was offset by losses from stock market investments. Ping An said it planned to diversify into the non-insurance sector such as wealth management to reduce investment risk and improve earnings. Premium income at Ping An increased 29% to CNY96.98 billion in the period. China Life’s revenue was up 10% to CNY215.39 billion. At Ping An, a 43% increase in net premiums earned helped offset the company’s CNY1.8 billion in investment losses. Net profit of its non-insurance business rose 180.1% in the first half. Aiming to build an integrated financial services platform, the Shenzhen-based insurer is in talks to merge its banking unit with the Shenzhen Development Bank (SDB) as a step towards becoming a financial conglomerate.