China Life's 1Q Results Boosted by Release of Insurance Reserve and Lower Claim Costs
No-moat China Life's first-quarter net profit grew 120% to CNY 13.5 billion, in line with its previously released earnings guidance for 110%-130% year-on-year growth. As we expected, the robust growth was largely boosted by the release of insurance reserve expenses, which reduced this item by about CNY 23 billion. The results reflect ongoing shocks to life insurers’ short-term investment-type product sales due to the launch of Document 134, which became effective in October 2017, while China Lif...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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