China Life's Profit Alerts Indicate Slowing Premium Growth; Raising FVE on Lower Operating Expense
No-moat China Life posted full-year 2017 earnings guidance indicating that net profit for the year surged by 55%-75% from 2016, increasing to CNY 29,647-CNY 33,472 million. Our expectations align with the high end of its earning alert. Given signs of improving underwriting profitability over the past three quarters, we slightly increase our fair value estimate to CNY 23 from CNY 21 per share to reflect our lower assumption for surrender expense during our forecast period. Our fair value estimate...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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