BEIJING - China Investment Corporation (CIC), the sovereign wealth fund, reported a huge net profit increase in 2014, according to the company's annual report released Friday.

Net profits hit $89.1 billion last year, $2 billion more than the previous year.

CIC branches abroad reported a net investment profit margin of 5.47 percent in 2014, lower than the annual average rate of 5.66 percent registered since the founding of the company in 2007.

The company's total assets surpassed $740 billion, according to the report.