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    Shengbo Tang

    Managing Director and Senior Analyst at Nomura

    Shengbo Tang is a Managing Director and Senior Analyst at Nomura, specializing in equity research on China's insurance sector and select financial institutions. He covers key firms including China Life Insurance Company and Hong Kong Exchanges & Clearing, consistently delivering industry-leading insights evidenced by his repeated No. 1 ranking as the top China insurance analyst in Institutional Investor and other major industry polls. Tang's performance track record is further highlighted by his leadership in issuing successful price targets and investment recommendations, such as raising the price target for Hong Kong Exchanges & Clearing, and he is recognized among top analysts on platforms like TipRanks. He began his analyst career prior to 2015, joining Nomura after establishing an extensive background in financial research, and holds advanced professional credentials in securities analysis.

    Shengbo Tang's questions to CHINA LIFE INSURANCE CO (CILJF) leadership

    Shengbo Tang's questions to CHINA LIFE INSURANCE CO (CILJF) leadership • Q1 2023

    Question

    Shengbo Tang from Nomura asked for guidance on the number of agents for the year, noting the stabilization in Q1, and inquired about the new business composition from the agent channel versus the bancassurance channel.

    Answer

    Grace Hou, Head of Investor Relations, and an Unidentified Company Representative explained that the agent force stabilized in Q1, with March showing the first monthly positive growth in 24 months. The company's strategy is to prioritize agent quality improvement before focusing on scale growth. For new business, individual agent first-year regular premium (FYRP) grew 5.9%, while bancassurance FYRP grew 33.6%, with a focus on longer-duration products for better value. Management expressed full confidence in new business and value growth for the year.

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