Shares of New China Life Insurance Co. Ltd. (NCI) surged 5.27% on Tuesday, buoyed by the company's announcement of a significant increase in its expected profit for the nine months ended September 30th, 2024.
In a filing with the Hong Kong Stock Exchange, NCI forecasted an attributable profit ranging between 18.61 billion yuan and 20.52 billion yuan, 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, robust capital markets, and improved investment performance. As the broader economy continues to recover and financial markets remain buoyant, NCI's strong profit outlook has bolstered investor confidence, driving the surge in its stock price.
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