Equity Analysis /
Hong Kong

HK : China Life Insurance - Challenges abound

    Michael Chang
    Michael Chang

    Equity Research Analyst, Banks and Insurance

    CGS-CIMB
    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.