Gelonghui December 17 | Citigroup published a report stating that next year, Chinese life insurance companies are expected to achieve resilient new business value, despite challenges including a slight decline in new contract premium income (FYP) against a high baseline, and the Industry is moving towards higher quality development. Regional life insurance companies, due to improved agent quality and geographical diversification, are expected to achieve stronger new business value growth. As for property insurance companies, their underwriting business is supported by both premiums and profit margins. The bank anticipates that Mainland Insurance Companies will adopt a gradual dividend policy. Overall, the bank prefers regional life insurance companies, followed by Mainland property insurance companies, and lastly Mainland life insurance companies. The bank has downgraded the ratings of New China Life Insurance H shares and CHINA TAIPING to "neutral" as their stock prices have risen over 60% to 80% year to date, and valuations appear reasonable.