China Life’s 2018 Net Profit Fell, Growth in NBV and EV Were Weaker Than Peers
Following no-moat China Life’s investor conference held on March 29, we’re sticking to our HKD 23 and CNY 21 per share fair value estimate for H shares and A shares, respectively. The 65% drop in 2018 net profit is in line with the 50% to 70% decline as announced in its earlier earning alert, due to a 26% decline in investment income as total investment return fell sharply to 3.29% from 5.16%. While new business value or NBV performance was weaker than our expectation. NBV declined by 17.6%, dra...
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