China Life Insurance Co (中國人壽) yesterday said its embedded value (EV) grew 45 percent year-on-year to NT$32.92 per share as of the end of last year, it said in an exchange filing.
The company said its adjusted net worth reached NT$33.136 billion (US$1.02 billion) in December, with effective policies valued at NT$28.55 billion, the filing said.
After deducting NT$12.266 billion in cost of capital, its embedded value totaled NT$49.419 billion, with 1.5 billion in outstanding shares at the end of last year.
That represented an upside for the firm’s share price, which rose NT$0.25 to close at NT$24.95 yesterday.
Compared with its peers, China Life’s embedded value was higher than Shin Kong Life Insurance Co’s (新光人壽) NT$13.99 per share and Fubon Life Insurance Co’s (富邦人壽) NT$15.85 per share, but lagged behind Cathay Life Insurance Co’s (國泰人壽) NT$42 per share.
After completing its acquisition of the assets and liabilities of PCA Life Assurance Co (保誠人壽), a local arm of Prudential PLC, excluding its bancassurance and telephone marketing businesses, for the nominal sum of NT$1 in June last year, the Taipei-based life insurer said that “synergy has been created.”
The company’s premium income rose 60 percent year-on-year in the first five months of the year. This includes deals sealed by its sales agents, which grew 263 percent from a year earlier, it said in the filing.
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