Shares of New China Life Insurance Co. Ltd. (NCI) surged 5.27% on Tuesday, as the insurer forecasted a substantial increase in its nine-month profit, fueled by the ongoing economic recovery and robust capital markets.

In a filing with the Hong Kong Stock Exchange, NCI announced that it expects an attributable profit ranging between 18.61 billion yuan and 20.52 billion yuan for the nine months ended September 30th, 2024. This remarkable figure represents a staggering increase of 95% to 115% compared to the same period last year.

The insurer attributed this stellar profit growth to a combination of favorable economic conditions, buoyant capital markets, and improved investment performance. As the broader economy continues to recover and financial markets remain resilient, NCI's strong profit outlook has bolstered investor confidence, driving the surge in its stock price.