China Insurance：Framing and quantifying industry responses to lower yields； Buy China Life H， Ping An H/A， NCI H up to Neutral

11 August 2024 | 4:13PM HKT _ China Insurance Framing and quantifying industry responses to lower yields; Buy China Life H, Ping An H/A, NCI H up to Neutral In response to declines in long-term bond yield, the regulator has asked lifers to reduce product pricing rates and improve expense efficiency, in order to stabilize long-term margin. We believe share prices have not reflected the potential benefits of lifers' responses in a lower yield environment. Within, we provide a framework to quantify the negativ ...