China Life’s Reserve Ratio Likely to Improve in the Second Half; FVE Increased
We increase our fair value estimate for China Life to HKD 24 and CNY 21 per share from HKD 22 and CNY 20 per share to reflect the time value of money and modest improvement in underwriting profitability in 2017, owing to recovery in the reserve ratio. China Life’s embedded value has higher-than-peer sensitivity to changes in interest rates. As the 10-year government bond yield has rebounded to 3.65% in early August, versus 3.05% and 2.65% at year-end 2016 and mid-August 2016, respectively, we ex...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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