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...
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