China Life’s 1Q Net Profit Grew 93% on Low Base and Strong Investment Return
No-moat China Life’s first-quarter results reported a 93% year-on-year growth in net profits and 28% growth in new business value, or NBV. Such growth was higher than our prior expectation. However, after taking a deeper look into the underlying drivers, we believe the company is unlikely to maintain such strong momentum in the following quarters. The glittering net profit growth was attributable to a strong year-on-year recovery in both investment income and premium income, which surging 93% an...
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