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...China Life Insurance is engaged in the writing of life insurance business and provision of life, annuities, accident and health insurance products to individuals and groups in the People's Republic of China. Co. also provides individual and group accident and short-term health insurance policies as well as services. Co.'s businesses are organized into four main segments: Individual life insurance, Group life insurance, Short-term insurance and Corporate and other business. As of Dec 31 2010, Co. had approximately 129 million individual and group life insurance policies and annuities and long-term health insurance policies in force.
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