Shares of New China Life Insurance Co. Ltd. (NCI) skyrocketed 15.55% on Thursday, buoyed by the company's upbeat profit forecast for the nine months ended September 30th, 2024, and a broader market rally.
The surge in NCI's stock price comes against the backdrop of a strong rebound in the Hong Kong markets, with the Hang Seng Index and the Hang Seng Tech Index rising 4.2% and 3.9%, respectively, on Thursday. This bullish sentiment was further fueled by China's central bank announcing a new funding scheme worth $70.62 billion to aid the capital market, providing a much-needed boost to investor confidence.
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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.