Insurer hit as market share set to drop
Print Edition
CHINA Life Insurance Co’s shares fell yesterday as the country’s largest insurer predicts its market share to shrink further this year amid fierce competition.
The insurer saw its share of the domestic life insurance market drop from 30 percent in 2013 to 26 percent last year.
“The decline is likely to continue this year due to slower premium growth from bancassurance business and increasing competition from smaller insurers,” Lin Dairen, president of China Life, said at a media briefing yesterday. “But the fall won’t be as big as last year’s.”
China Life’s shares lost 3.26 percent to 36.26 yuan (US$5.84) in Shanghai yesterday while its Hong Kong-listed shares shed 1.5 percent to HK$32.65 (US$4.20). Both underperformed the respective local stock index yesterday.
The company’s net profit jumped 30.1 percent year on year to 32.21 billion yuan last year after a rebound of the domestic stock market lifted China Life’s investment gains, according to its annual earnings report.
Its investment income rose 12 percent year on year to 107.79 billion yuan last year, while premiums income grew 1.6 percent to 330.1 billion yuan, according to the report.
Earnings per share rose 30.1 percent year on year to 1.14 yuan. The insurer said it will pay a cash dividend of 0.40 yuan per share.
Yang Zheng, the insurer’s vice president, said at the briefing that China Life would increase investment in overseas markets this year and also boost investment in the domestic stock market.
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