Equity Analysis /
Hong Kong

HK : China Life Insurance - Challenges abound

    Michael Chang
    Michael Chang

    Equity Research Analyst, Banks and Insurance

    26 March 2022
    Published by

    On balance, we see FY21 results as slightly worse than our forecasts. FY21 NBV growth fell 23.3% yoy, worse than 9M21’s 19.6% yoy fall and 1H21’s 19% yoy fall. 4Q21 agents fell to 820,000, down 40% yoy (3Q21: -38% yoy) and down 16% qoq (3Q21: -15% qoq). Maintain Add rating; TP cut to HK$15 from HK$15.4 on lower FY22F-24F NBV estimates. FY22-24F EPS remain unchanged.