China Life Profit Rises as Market Lifts Investment Returns

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China Life Insurance,Stock Market

(Bloomberg) -- China Life Insurance Co., the nation’s largest life insurer by market share, said profit rose 11% in the first half as an improving stock...

-- China Life Insurance Co., the nation’s largest life insurer by market share, said profit rose 11% in the first half as an improving stock market boosted investment returns.Net income climbed to 38.3 billion yuan , from 34.6 billion yuan a year earlier, the Beijing-based company said in a filing to the Shanghai stock exchange Thursday.

New business value, which gauges the profitability of new life policies sold, expanded about 19% for the period, slowing from a 26.3% jump in the first quarter.“China Life’s new-business value is poised to rise 15-20% in 2024, we calculate, above consensus’ 10% after a 19% gain in 1H. Pricing adjustments and commission controls in bancassurance will boost new-business margin, along with a better product mix in 2H.

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