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China Life on Wednesday told the Hong Kong stock exchange that its premium revenue reached 182.1 billion yuan ($26.8 billion) in the January to June period.
While the insurer did not provide a year-ago figure, Credit Suisse said it represented 50 percent growth from the same period in 2007.
"Importantly, this upswing in premium growth represents a sharp turnaround from a weak 2007 and should therefore further improve investor perceptions of their growth prospects," Credit Suisse wrote in a note to clients Thursday.
Shares of China Life have fallen in recent sessions on concern that declining mainland stock markets may hurt its profit this year. Chinese insurers are among the biggest investors in equities.
The insurer will likely weather the downtrend in the equities markets given its recent expansion of insurance products, Credit Suisse said.
"We remain upbeat on the growth prospects for China Life, reflecting the tougher equity investment returns and our belief that volumes will benefit from expansion of universal products and the introduction of new participating products," Credit Suisse said.
Net profit at China Life nearly doubled in 2007 to 38.9 billion yuan from 20 billion yuan in 2006.
China Life surged 5 percent to HK$28.30, sparking buying in other insurers as well. Smaller rivals Ping An Insurance gained 4.7 percent to HK$50.55 and PICC Property and Casualty jumped 2.5 percent to HK$5.04.
The stocks outperformed the Hang Seng Index which was last up 2.4 percent.
($1 = HK$7.80)
jun.ebias@thomsonreuters.com
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