Shares of New China Life Insurance Co. Ltd. (NCI) skyrocketed 15.93% on Thursday, buoyed by the company's robust profit forecast for the nine months ended September 30th, 2024, and a broader market rally fueled by hopes of further economic stimulus measures.
In a filing with the Hong Kong Stock Exchange, NCI revealed that it expects an attributable profit ranging between 18.61 billion yuan and 20.52 billion yuan for the nine-month period, marking a staggering increase of 95% to 115% compared to the same period last year. The insurer attributed this remarkable profit growth to favorable economic conditions, buoyant capital markets, and improved investment performance, as the broader economy continues to recover.
The surge in NCI's stock price coincided with a strong rebound in the Hong Kong markets, with the Hang Seng Index soaring 2.98% and the Hang Seng Tech Index climbing 2.05%. Investor sentiment was further boosted by China's central bank announcing a new 500 billion yuan ($70.7 billion) swap facility to aid the capital market, providing a much-needed boost to investor confidence.
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