BEIJING -- China Life Insurance Co Ltd, China's largest provider of life insurance, said Thursday that its net profits for the first three quarters this year dropped 33 percent year-on-year to 16.72 billion yuan ($2.63 billion).

In the third quarter alone, the company's profit declined 45.7 percent to 3.75 billion yuan, said China Life in a statement filing to the Shanghai Stock Exchange.

Earnings per share stood at 0.13 yuan in the third quarter, down 45.7 percent from a year ago, it said.

The company said the decline in profit was a result of decreasing investment returns and losses from asset impairment.

The company's total insurance premiums saw moderate growth during the first three quarters this year, rising 2.6 percent to 262.77 billion yuan. Meanwhile, total investment yield stood at 4.14 percent.