报告名称：China Life Alert(02628.HK)Access China conference highlights 2016
报告类型：港股研究
报告日期：2016-01-13
研究机构：德意志银行
股票名称：中国人寿
股票代码：LFC,601628,02628
页数：1
简介：China Life representatives attended our Access China conference. Key takeaways were as follows
On “jump-start” sales, as of the first 5 days of 2016, China Life recorded FYP of Rmb23-24bn with yoy growth higher than the same period last year. The jump-start sales will likely wrap up before the Spring Festival, while half of branches have reached target by now and those local branches have shifted focus to the sales of 10-year regular premium product. Key promotion product in 2016 was an annuity with 4.025% guarantee rate. The product has a shorter duration on the liability side compared to last year, with annuity benefits distributed after 1 year (vs. every 3 years). The benefits will be transferred to a universal account with guarantee rate of only 2.5%, which effectively lowers the cost of liability. For the rest of the year, the company will focus on participating products with 2.5% guarantee rate and traditional with 3.5%.
On agency and VNB growth, the company’s agency force reached ~1mn as of now (+5.4% hoh, +34.6% yoy), and they expect double digit growth for agent number in 2016 with more emphasis on agency quality such as reducing inactive agents, improving productivity and retention rate, etc. in term of 2016 VNB growth target, the company estimates the growth to be similar or a bit higher than 2015, and believes 20% growth would not be very difficult to achieve.
On investments, the equity inv was ~10% of total assets and NSI was 6-7% currently. The management is comfortable with 2015 inv yield, but acknowledged some pressure in 2016, which has become the common trend for the industry. That said, the NSI yield was still quite attractive at 5-6% currently with trust products yield at ~7%. In 2016, the company expects more assets allocated to fixed income, especially in credit debt and NSI, while proportion in term deposits will see decline. The company is still cautious about commercial property investment in China given the potential risks in domestic property markets, but sees a number of opportunities in overseas inv.

下载地址：China Life Alert(02628.HK)Access China conference highlights 2016