In search for light at the end of the tunnel■ We struggle to find positives in China Life's 1H21 results. 1H21 NBV fell 19%yoy and follows 1Q21's 13% yoy fall (implying 2Q21 fell about 27% yoy).■ Agent numbers continued to fall in 2Q21, down 32% yoy to 1.15m, and wasworse than 1Q21's 27% yoy fall.■ […]

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