CPIC is steadily shifting toward value creation in the life insurance business.
Net profit growth of no-moat China Pacific Insurance, or CPIC, slowed to 27% in the first half from 88% in the first quarter. The results were a bit disappointing on a decline in life insurance agent headcount, which might indicate weaker agent sales than peers, and underwriting losses in nonauto P&C insurance business. Similar to China Life, the robust bottom-line growth was primarily attributable to write-back of insurance reserve expenses. Excluding the CNY 3.7 billion decrease in insuran...
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