China Financial Daily:CCB PresidentCCB May Sell Rmb30bn NPL-backed ABS in Sept

　　China Insurance Sector - May premium – stable Life, a weak month for P&C

　　Robust growth momentum continued for life insurers in May, ranging from8.3- 50.6% (Apr: 7.7-44.4%), with most insurers reporting double-digit growth.Ch Taiping’s growth in May slowed to 10.4% (vs. 19.8% in April) due to timingof product launch (should pick up with product launch in June), 5M16 growthin individual regular premiums remained strong at 38.5%. May was a weakmonth for P&C premium, ranging from -4.6-13.7% (Apr: -0.9-36.3%), with top-3 player recording negative or single-digit. 4M16 P&C industry claims payoutratio saw continued deterioration based on CIRC data. We reiterate ourpreference for Life insurers. Top Picks: CL and Taiping.(Esther Chwei, 852 2203 6200)