China Life’s First Half Saw Strong NBV Growth, but New Premium Growth Slowed
No-moat China Life’s first-half results reaffirmed our long-term view that it is on track with its strategic transformation, but is progressing more slowly than the market expects. Results were solid, with 17.8% and 18.3% respective year-on-year increases in net profits and total premium. The numbers are in line with our expectation, representing 68% of premium forecast and 54% of net profit forecast for 2017. New business value, or NBV, grew robustly by 31.7%, driven by strong growth in bancass...
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