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.