Grasp on November 4th | Bocom Intl released a report stating that New China Life Insurance achieved a year-on-year growth of 116.7% in net income attributable to mothers in the first three quarters, slightly higher than the upper limit of the range previously announced by the company (95% to 115%). Looking at the quarterly performance, the profit for the third quarter alone was 9.6 billion yuan, a significant increase compared to the net loss in the same period last year, mainly benefiting from the rebound in stock investment income. The company reported a net loss of 0.83 billion yuan in the fourth quarter of last year, expecting further improvement in full-year performance in 2024 compared to the first three quarters. The bank believes that New China Life Insurance's premium income for the first three quarters increased by 1.9% year-on-year, with growth mainly coming from renewal premiums, but offset by the year-on-year decline in single premiums received from bancassurance. The new business value increased by 79.2% year-on-year, with growth accelerating further from the first half of the year, leading the industry in growth rate. Investment assets increased by 19% compared to the beginning of the year. The annual total investment yield is 6.8%, increasing by 4.5 percentage points year-on-year, higher than the industry average. The bank raised its profit forecast for New China Life Insurance, expecting a two-fold increase in profit in 2024 from a low base, raising the target price from HK$20.5 to HK$30.5, maintaining a "buy" rating.