China Life Insurance Co. (LFC) (601628.SH)said Tuesday its first-half net profit fell 28.1% from a year earlier, despite a modest increase in premium growth.

The company, China's largest life insurer by premiums said its net profit for the six months ended June 30 was CN12.96 billion, down from CNY18.03 billion a year earlier.

The result was well below the average CNY17.6 billion net profit forecast of four analysts polled by Dow Jones Newswires.

The company's solvency ratio fell sharply to 164% from 212% at the end of 2010.

Its premium income and policy fees totaled CNY195.5 billion in the first half, up 6.1% a year earlier.