China Life Increases Dividend Payout but Remains Lower Than Peers

As the largest and oldest state-owned life insurer, China Life Insurance enjoys a reputable brand, giving it a leg up in sales of commodity-like insurance products. We think China Life is well positioned for ongoing urbanization and the government’s increasing efforts to boost rural residents’ welfare. The large scale and strong foothold in underpenetrated rural markets translate to low administration expense for China Life.