| M Stanley: CN Life Insurers Post Positive Growth in Premiums in Mar |
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HK-listed Chinese insurers bounced up today, with PING AN (02318.HK) up nearly 5% to close at $31.65 at midday, CHINA LIFE (02628.HK) up 3.9% and CPIC (02601.HK) up nearly 6.6%.
Morgan Stanley released a report on the sector. It commented that most of the life insurers in China tracked strong new business sales in March, with premiums of all life insurers showing growth.
The gross written premium in March of all life insurers grew: PICC GROUP (01339.HK)'s PICC Life (+34.8%), PING AN (02318.HK)'s Ping An Life (+8.2%), CPIC (02601.HK)'s CPIC Life (+4.7%) and China Life (+4.4%). P&C also posted better growth thanks to uplift in auto and non-auto premium growth.
The broker said Chinese life insurers recorded positive growth in premium income in March 2024, and expected most of them may achieve double-digit growth in VNB in 1Q24.
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AAStocks Financial News
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