Bloomberg: China Life First Quarter Profit Slumps 34% Amid Pandemic
Apr 23, 2020
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China Life Insurance Co., the nation’s largest life insurer, said profit fell 34% in the first quarter as the coronavirus outbreak hit investment returns and the company set aside more reserves. Even the insurance industry came under “tremendous pressure” in the first quarter, new health products could also be introduced due to a growing awareness of personal well-being and new regulatory rules on critical-illness insurance. Insurers will also likely accelerate their digital transformation in order to upgrade distribution models. According to Leonard Li, partner at Oliver Wyman, the life-insurance sector could still achieve “moderate growth” for the remainder of the year.