Dim Sum Express

China Life, Ping An, China Pacific, NCI, and China Taiping posted gross written premium growth of19%, 40%, 37%, -18% and 32% YoY respectively in 5M17, similar to growth in 4M17. Life insurancecompanies are seeing solid NBV growth: In 1Q17, China Life’s regular FYP rose 17% YoY, and PingAn posted a 62% YoY increase in agency-channel regular FYP and 60% YoY growth in life NBV.

    NCI achieved 46.9% YoY growth in regular FYP. China Pacific’s NBV rose 56% YoY on an improvednew business margin. We recommend New China Life: the company had a strong solvency ratio in1Q17 and we see an improving business structure.