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02601 CPIC
RTNominal down34.750 -2.900 (-7.703%)
Research Report

16/12/2019 11:39

{I-bank focus}Life insurance growth stabilizing into FY2020

[ET Net News Agency, 16 December 2019] Nomura expects less NBV (new business value)
growth pressure into 2020 versus 2019 for Chinese insurers. It expects the life sector to
deliver single-digit FYP (first-year premium) growth in 2020.
The research house noted an improving business structure for the major listed life
insurers, with an increased focus on protection sales, which will remain the key growth
driver in 2020, while annuities sales growth could stabilize.
Meanwhile, the overall regulatory environment has marginally improved after relaxation
of regulations on short-term endowment product sales, through which the regulators aim to
control systematic risks.
Product-wise, the mainstream 2020 open-year sales products provide a guaranteed return
of 3.5% versus the 4.025% previously for guaranteed return products offered by some
insurers; and most listed life insurers will focus more on protection and longterm
savings products after the 2020 open-year sales. (KL)

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