[ET Net News Agency, 24 September 2019] Nomura tweaked its target price for China Life
Insurance (02628) to HK$22.4 from HK$22.44 and maintained its "buy" rating.
The research house expects a double-digit agency FYP (first-year premium) contraction in
3Q, which will lead to a double-digit agency NBV (new business value) decrease.
Hence, Nomura lowered its FY2019 NBV growth to 15% from 19%, implying 2H NBV growth of
5%; and it also lowered FY2019 written FYP to 2% from 14%, implying 2H written FYP growth
of 6%. (KL)