China Life Insurance Co. (NYSE:LFC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “China Life Insurance’s strength lays in its robust market position and organic growth initiatives. Product upgrades and growth in premiums over last few quarters are also considered as a result of its operational efficiency. The company has consistently witnessed significant improvement in its life insurance business, individual agent channel, group insurance channel and also bancassurance channel during the initial quarters 2016. An extensive distribution and service network has established it one of the leading insurance companies in China. However, the persistently soft interest rate has resulted in lower investment income, which in turn, has limited profit. The impact of the change of discount rate assumption of reserves of traditional insurance contracts also contributed to the pressure on bottom line. Increasing operating expenses and currency risks also remain other headwinds.”
Separately, HSBC upgraded China Life Insurance from a “reduce” rating to a “hold” rating in a research note on Tuesday.
Shares of China Life Insurance (NYSE:LFC) opened at 13.15 on Wednesday. China Life Insurance has a 12 month low of $10.07 and a 12 month high of $21.00. The firm’s 50-day moving average price is $12.70 and its 200-day moving average price is $11.67. The firm has a market cap of $74.34 billion, a PE ratio of 37.57 and a beta of 1.24.
Several hedge funds have recently made changes to their positions in the stock. Moore Capital Management LP bought a new stake in shares of China Life Insurance during the first quarter valued at about $12,290,000. LMR Partners LLP acquired a new position in China Life Insurance during the second quarter valued at approximately $7,325,000. Credit Suisse AG raised its position in China Life Insurance by 59.4% in the second quarter. Credit Suisse AG now owns 1,244,533 shares of the company’s stock valued at $13,391,000 after buying an additional 463,852 shares during the period. BlackRock Group LTD acquired a new position in China Life Insurance during the first quarter valued at approximately $5,556,000. Finally, Capstone Asset Management Co. raised its position in China Life Insurance by 111.6% in the second quarter. Capstone Asset Management Co. now owns 680,719 shares of the company’s stock valued at $7,325,000 after buying an additional 358,975 shares during the period. Institutional investors and hedge funds own 0.27% of the company’s stock.
About China Life Insurance
China Life Insurance Company Limited is a life insurance company. The Company provides a range of insurance products, including individual and group life insurance, health insurance and accident insurance products. It operates through four segments: life insurance, health insurance, accident insurance and other.
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