Investment implications – Companies with strong brand awareness and distribution networks offering the right risk products should do well. China Life (2628, HK$4.9, U, TP HK$4.4) could benefit from its strong brand awareness and become attractive in the long term at the right valuation. China Insurance Intl (CIIH, 966, HK$3.98, N, TP HK$3.63) could benefit from Taiping Life’s rapidly improving brand awareness and market share gains. PICC’s (2328, HK$2.9, U, TP HK$2.4) market position is weak.　　 FOR IMPORTANT DISCLOSURE INFORMATION relating to analyst certification, the Firm’s rating system, valuation methods and potential conflicts of interest regarding companies that are the subject of this report, please refer to the Disclosure Section at the end of the report.　U.S. Regulatory Disclosure: CSFB does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.