[ET Net News Agency, 14 June 2018] Daiwa Research lowered its target price for China
Life Insurance (02628) to HK$30 from HK$32, and retained its "buy" rating.
The research house said that China Life posted gross premium growth of +4% for May,
lifting growth for 5-month 2018 to +3% YoY. Daiwa expects its FYRP (first-year regular
premiums) in 2Q to achieve double-digit growth underpinned by steady agent head-count
rebound.
It noted that China Life's agent team expanded by 10% MoM for both April and May while
major peers saw a flat or mild increase in their head-count. Daiwa lowered its VNB
forecasts (to 4-12% YoY for 2018-20) to factor in the FYP headwinds in 1Q. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
02628 CHINA LIFE
Nominal 
10.120 +0.080 (+0.797%) Others
14/06/2018 11:08
[I-bank focus]Daiwa lowers China Life (02628) to HK$30
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