China Life Recorded Negative NBV Growth in Agent Channel in Second Half of 2017
No-moat China Life’s 2017 year-on-year net profit growth of 68.6% came at the high end of its previous earnings guidance of 55%-75%, which is in line with our expectation. However, if excluding one-off impacts including lower reserve expense and fair value gains of financial assets, operating profit before tax would have increased by 10% from 2016, versus 75% growth as reported. The results confirmed our view that China Life is still amid its business transformation to reduce its business sensit...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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