China Life Insurance Co Ltd Class A

601628: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥89.00	Pcks	Mztfvbdj

China Life's H2 New Business Value Growth Weaker Than Expected, Dividend Payment Missed

Iris Tan

Mar 30, 2023

Business Strategy and Outlook

As the largest and oldest state-owned life insurer, China Life Insurance enjoys a reputable brand, giving it a leg up in sales of commoditylike insurance products. We think China Life is well positioned for ongoing urbanization and the government’s increasing efforts to boost rural residents’ welfare. The large scale and strong foothold in underpenetrated rural markets translate to low administration expense for China Life.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

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