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02628
CHINA LIFE
HKD
34.2000.000
(0.00%)
1D
AI Analysis for 02628
AI Analysis
High
34.440
Open
33.400
VWAP
33.99
Vol
20.98M
Mkt Cap
756.36B
Low
33.360
Amount
713.24M
EV/EBITDA(TTM)
12.60
Total Shares
28.27B
EV
1.36T
EV/OCF(TTM)
3.41
P/S(TTM)
4.41
China Life Insurance Co Ltd is a China-based company principally engaged in underwriting of life, health, accident and other types of personal insurance business. The Company operates its businesses through four segments. The Life Insurance Business segment relates primarily to the sale of life insurance policies, including those life insurance policies without significant insurance risk transferred. The Health Insurance Business segment relates primarily to the sale of health insurance policies, including those health insurance policies without significant insurance risk transferred. The Accident Insurance Business segment relates primarily to the sale of accident insurance policies. The Other Businesses segment relates primarily to income and cost of the agency business and the income and expenses of subsidiaries, as well as related consolidation offsets and others. The Company mainly operates its businesses in the domestic market.
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News
6.5
02-03aastocksUBS Favors ICBC, CCB, CITIC Bank, and Bank of China, Maintains Positive Outlook on Chinese Banks with Over 5% Dividend Yield
Capital Injection Plans: China is considering issuing RMB500 billion in special government bonds to bolster the capital of major banks like ICBC and ABC, with an estimated RMB300 billion allocated to these banks and RMB200 billion to large insurers.
Timeline for Implementation: The capital injection could be announced as early as the first quarter of 2026, potentially leading to earlier dividend distributions for state-owned banks.
Market Trends: Following the 2025 capital injection, banks experiencing greater dilution, such as BANKCOMM and PSBC, have shown weaker performance compared to their peers.
Investment Recommendations: UBS maintains a positive outlook on Chinese bank stocks with dividend yields over 5%, favoring institutions like ICBC, CCB, CITIC BANK, and BANK OF CHINA.
8.5
02-02aastocksG Sachs: Extra Capital for CN Insurers Enhances Investment Flexibility and Shareholder Returns
China's Capital Injection Plan: China is considering using RMB200 billion in special government bonds to inject capital into three major state-owned insurance groups: China Life, PICC Group, and China Taiping, similar to past operations for state-owned banks.
Insurers' Dividend Policies: Several insurers are contemplating stable or gradual dividend policies, which could enhance their flexibility in investment asset allocation and shareholder returns.
Goldman Sachs Ratings: Goldman Sachs has rated China Life and China Taiping as Neutral, with target prices of $24.5 and $15 respectively, while PICC Group is rated Neutral/Sell with target prices of $6.8 and RMB6.5.
Short Selling Data: The short selling data indicates significant activity in these stocks, with China Life experiencing a short selling ratio of 15.012%, PICC Group at 7.046%, and China Taiping at 11.728%.
8.5
01-30aastocksChina Considering Special Government Bond Issuance to Inject RMB200 Billion into Major Insurers; Announcement Expected in First Quarter
Government Bond Issuance: China is planning to issue special government bonds worth around RMB200 billion (approximately USD29 billion) to restructure the capital of large insurers facing consolidation pressures.
Targeted Insurers: The funds raised will be directed towards state-owned enterprises such as CHINA LIFE, PICC GROUP, and CHINA TAIPING to strengthen their capital.
Future Plans: The bond issuance plan could be announced as early as the first quarter of 2026, with an additional RMB300 billion planned for major banks like ICBC and ABC.
Continuation of Support: This initiative follows last year's similar bond issuance aimed at helping large state-owned banks, including BANK OF CHINA and BANKCOMM, to supplement their capital.
6.0
01-29aastocksUBS Raises Target Price for CHINA LIFE (02628.HK) to $42, Positive Outlook on Bancassurance Channel Expansion and Deposit Migration Trends
UBS Target Price Increase: UBS has raised its target price for CHINA LIFE (02628.HK) from $29 to $42, maintaining a 'Buy' rating due to improved business growth prospects and favorable macro conditions.
Valuation Insights: The current valuation of CHINA LIFE is attractive, with a 12-month forward PEV of 0.5x and a PB ratio of 1.22x, indicating strong potential for investment.
Market Trends: UBS highlighted that CHINA LIFE stands to benefit significantly from the migration of deposits and the upward trend in the equity market in mainland China.
Growth Expectations: The broker anticipates strong new business growth for CHINA LIFE in January, particularly through the bancassurance channel.
4.0
01-28aastocks<Study> HSBC Research Evaluates Ratings and Target Prices for Chinese Insurers (Table)
H Shares Performance: China Life and Ping An saw increases in share prices, while CPIC and NCI experienced slight declines; short selling ratios indicate varying investor sentiment across these companies.
A Shares Performance: China Life and Ping An of China had mixed results, with Ping An's rating upgraded from Hold to Buy, while NCI maintained a Hold rating despite a price increase.
Investment Ratings: Analysts have assigned ratings of Hold, Buy, and Underweight to various insurance companies, reflecting differing outlooks on their future performance.
Market Insights: CICC anticipates a new era in China's commercial health insurance sector, emphasizing four key areas for development.
Money Flow
Over the past 66 trading days, overall net money flow is 1.34B, with retail investors contributing 66.65M and major investors adding 1.07B.
Net Buy $ Volume
Net Sell $ Volume
UBS
Buy
maintain
$29 -> $42
2026-01-29
Reason
UBS elevated its target price for CHINA LIFE (02628.HK) from $29 to $42 and maintained a Buy rating based on three main reasons:
1. Improved prospects for new business value growth.
2. Favorable macro conditions leading to an upward revision of embedded value forecasts.
3. An update of valuation benchmarks to 2026.
Additionally, UBS highlighted that CHINA LIFE's current valuation is attractive, with a 12-month forward PEV of 0.5x and a PB ratio of 1.22x. The firm also noted that CHINA LIFE is positioned to benefit significantly from the migration of deposits and the upward trend in the equity market in mainland China. Furthermore, UBS anticipates strong new business growth in January, particularly in the bancassurance channel.
UBS
Buy
Price Target
$29 -> $42
2026-01-29
maintain
UBS elevated its target price for CHINA LIFE (02628.HK) from $29 to $42 and maintained a Buy rating based on three main reasons:
1. Improved prospects for new business value growth.
2. Favorable macro conditions leading to an upward revision of embedded value forecasts.
3. An update of valuation benchmarks to 2026.
Additionally, UBS highlighted that CHINA LIFE's current valuation is attractive, with a 12-month forward PEV of 0.5x and a PB ratio of 1.22x. The firm also noted that CHINA LIFE is positioned to benefit significantly from the migration of deposits and the upward trend in the equity market in mainland China. Furthermore, UBS anticipates strong new business growth in January, particularly in the bancassurance channel.
Goldman Sachs
Goldman Sachs
Neutral
maintain
2025-11-10
Reason
Goldman Sachs adjusted its analyst rating for CHINA LIFE (02628.HK) based on the company's strong performance in its 3Q25 results, particularly noting that its investment income exceeded expectations. This led to a significant increase in their full-year net profit forecast by 69% and a 7% increase in the 2025-27 first-year premium forecasts. Additionally, the positive performance of the bank insurance sales channel and management's optimistic outlook for 2026 contributed to the adjustments. Goldman Sachs also raised its per-share dividend forecasts by 10% due to an expanded investment portfolio and stronger premium inflow, with this year's dividend expected to grow by 23% YoY, surpassing previous estimates. Despite these positive adjustments, the target price was raised from HKD22.5 to HKD24.5, while maintaining a Neutral rating.
Goldman Sachs
Neutral
Price Target
2025-11-10
maintain
Goldman Sachs adjusted its analyst rating for CHINA LIFE (02628.HK) based on the company's strong performance in its 3Q25 results, particularly noting that its investment income exceeded expectations. This led to a significant increase in their full-year net profit forecast by 69% and a 7% increase in the 2025-27 first-year premium forecasts. Additionally, the positive performance of the bank insurance sales channel and management's optimistic outlook for 2026 contributed to the adjustments. Goldman Sachs also raised its per-share dividend forecasts by 10% due to an expanded investment portfolio and stronger premium inflow, with this year's dividend expected to grow by 23% YoY, surpassing previous estimates. Despite these positive adjustments, the target price was raised from HKD22.5 to HKD24.5, while maintaining a Neutral rating.
CMB International
CMB International
maintain
$29 -> $31
2025-11-05
Reason
CMB International maintained a Buy rating for China Life due to the company's impressive 3Q25 results, which showed a nearly doubling of net profit to RMB126 billion, representing a 92% year-over-year increase. This strong performance, driven by both insurance service results and investment results, led CMB International to raise its earnings per share (EPS) forecasts for FY2025-27 and revise the FY2025 new business value (NBV) growth forecast to 38%. Additionally, the target price for China Life was increased from HK$29 to HK$31, reflecting confidence in the company's growth trajectory.
CMB International
Price Target
$29 -> $31
2025-11-05
maintain
CMB International maintained a Buy rating for China Life due to the company's impressive 3Q25 results, which showed a nearly doubling of net profit to RMB126 billion, representing a 92% year-over-year increase. This strong performance, driven by both insurance service results and investment results, led CMB International to raise its earnings per share (EPS) forecasts for FY2025-27 and revise the FY2025 new business value (NBV) growth forecast to 38%. Additionally, the target price for China Life was increased from HK$29 to HK$31, reflecting confidence in the company's growth trajectory.
Morgan Stanley
Morgan Stanley
maintain
$25.7
2025-10-31
Reason
The analyst rating for CHINA LIFE (02628.HK) is set at "Overweight" due to several key factors highlighted in the article. Firstly, the company reported the highest earnings growth among its peers in 3Q25, with a remarkable net profit increase of 60.5% for the first nine months of 2025. This performance translates to an annualized return on equity (ROE) of 88.3% for 3Q25 and 39.4% for 9M25, indicating strong profitability. Additionally, the value of new business (VONB) accelerated significantly to 41.8% in 9M25, up from 20.3% in the first half of the year. Morgan Stanley noted that CHINA LIFE outperformed most of its peers across multiple indicators and that the management has a positive outlook for the upcoming year. These factors contributed to the positive analyst rating and the target price of HKD25.7.
Morgan Stanley
Price Target
$25.7
2025-10-31
maintain
The analyst rating for CHINA LIFE (02628.HK) is set at "Overweight" due to several key factors highlighted in the article. Firstly, the company reported the highest earnings growth among its peers in 3Q25, with a remarkable net profit increase of 60.5% for the first nine months of 2025. This performance translates to an annualized return on equity (ROE) of 88.3% for 3Q25 and 39.4% for 9M25, indicating strong profitability. Additionally, the value of new business (VONB) accelerated significantly to 41.8% in 9M25, up from 20.3% in the first half of the year. Morgan Stanley noted that CHINA LIFE outperformed most of its peers across multiple indicators and that the management has a positive outlook for the upcoming year. These factors contributed to the positive analyst rating and the target price of HKD25.7.
UBS
UBS
maintain
$29
2025-10-31
Reason
The analyst rating from UBS on CHINA LIFE (02628.HK) is a "Buy" with a target price of HKD29. This positive rating is based on the company's strong performance, highlighted by a 42% year-over-year increase in Value of New Business (VNB) for the first nine months of 2025, which exceeded market expectations. Additionally, the net profit after tax (NPAT) grew by 61% to RMB168 billion, aligning with the mid-range of earlier profit forecasts. The strong VNB growth this year contributes to a more constructive outlook for the company in the upcoming year.
UBS
Price Target
$29
2025-10-31
maintain
The analyst rating from UBS on CHINA LIFE (02628.HK) is a "Buy" with a target price of HKD29. This positive rating is based on the company's strong performance, highlighted by a 42% year-over-year increase in Value of New Business (VNB) for the first nine months of 2025, which exceeded market expectations. Additionally, the net profit after tax (NPAT) grew by 61% to RMB168 billion, aligning with the mid-range of earlier profit forecasts. The strong VNB growth this year contributes to a more constructive outlook for the company in the upcoming year.
BofA Securities
Buy
upgrade
2025-10-31
Reason
The analyst rating for CHINA LIFE (02628.HK) was reiterated as a Buy by BofA Securities due to the company's impressive financial performance, which included a 61% year-over-year increase in net profit for the first three quarters of 2025, reaching RMB167.8 billion. This performance significantly exceeded market expectations. Additionally, the company's quarterly net profit of RMB126.9 billion in Q3 2025 surpassed the previous year's full-year figure, and its investment income rose by 92% year-over-year, benefiting from gains in the A-share market. The total investment return rate of 6.4% was also noted as the highest among its peers, further supporting the positive outlook. Consequently, BofA raised its target price for the stock from HKD25.7 to HKD29.3.
BofA Securities
Buy
Price Target
2025-10-31
upgrade
The analyst rating for CHINA LIFE (02628.HK) was reiterated as a Buy by BofA Securities due to the company's impressive financial performance, which included a 61% year-over-year increase in net profit for the first three quarters of 2025, reaching RMB167.8 billion. This performance significantly exceeded market expectations. Additionally, the company's quarterly net profit of RMB126.9 billion in Q3 2025 surpassed the previous year's full-year figure, and its investment income rose by 92% year-over-year, benefiting from gains in the A-share market. The total investment return rate of 6.4% was also noted as the highest among its peers, further supporting the positive outlook. Consequently, BofA raised its target price for the stock from HKD25.7 to HKD29.3.
Citi Research
NULL
to
Buy
upgrade
$27.7
2025-10-20
Reason
The analyst rating for CHINA LIFE (02628.HK) was upgraded to "Buy" by Citi Research due to a profit alert forecasting a significant increase in net profit for 1-3Q25, projected to rise by 50-70% year-over-year. This growth is attributed to a substantial year-over-year increase in investment returns, a higher allocation to equity investments, an optimized asset allocation structure, and proactive investments in new quality productive sectors. For 3Q25 specifically, net profit is expected to grow by 75-106% year-over-year, despite a high base from the previous year. The target price set by the broker is $27.7.
Citi Research
NULL
to
Buy
Price Target
$27.7
2025-10-20
upgrade
The analyst rating for CHINA LIFE (02628.HK) was upgraded to "Buy" by Citi Research due to a profit alert forecasting a significant increase in net profit for 1-3Q25, projected to rise by 50-70% year-over-year. This growth is attributed to a substantial year-over-year increase in investment returns, a higher allocation to equity investments, an optimized asset allocation structure, and proactive investments in new quality productive sectors. For 3Q25 specifically, net profit is expected to grow by 75-106% year-over-year, despite a high base from the previous year. The target price set by the broker is $27.7.
JPMorgan
JPMorgan
maintain
$31
2025-10-20
Reason
The analyst rating for CHINA LIFE (02628.HK) is maintained at "Overweight" by JPMorgan due to several positive factors. The strong positive profit alert for 9M25, indicating a significant year-on-year net profit increase of 50-70%, is a key reason for the optimistic outlook. Additionally, the broker anticipates a favorable market reaction to the announcement, which was made shortly before the results are disclosed. Other supportive fundamentals include expected dividend revisions, faster growth potential in liability reserves, and government policy support. Consequently, JPMorgan has set a target price of $31 based on an 8x PE ratio for FY2026.
JPMorgan
Price Target
$31
2025-10-20
maintain
The analyst rating for CHINA LIFE (02628.HK) is maintained at "Overweight" by JPMorgan due to several positive factors. The strong positive profit alert for 9M25, indicating a significant year-on-year net profit increase of 50-70%, is a key reason for the optimistic outlook. Additionally, the broker anticipates a favorable market reaction to the announcement, which was made shortly before the results are disclosed. Other supportive fundamentals include expected dividend revisions, faster growth potential in liability reserves, and government policy support. Consequently, JPMorgan has set a target price of $31 based on an 8x PE ratio for FY2026.
UBS
maintain
$29
2025-10-20
Reason
The analyst rating for China Life (02628.HK) from the UBS research report is based on several positive factors:
1. Positive Profit Alert: China Life issued a profit alert expecting a significant increase in net profit after tax (NPAT) for the first three quarters of 2025, projecting a 50-70% year-over-year increase, which is well above market consensus.
2. Strong Growth Momentum: The broker anticipates a 36% year-over-year increase in value of new business (VNB) for 1-3Q25, indicating strong growth momentum, particularly in the third quarter of 2025.
3. Adjusted NPAT Forecasts: UBS has significantly raised its NPAT forecasts for China Life for the years 2025-2027 by 79%, 23%, and 24%, respectively, reflecting confidence in the company's performance.
4. Target Price Increase: The target price for China Life has been raised from HKD27.4 to HKD29, reinforcing the positive outlook.
5. Market Conditions: The expansion in asset management scale and rising interest rates are also contributing factors to the positive rating.
Overall, these elements led UBS to maintain a "Buy" rating for China Life.
UBS
Price Target
$29
2025-10-20
maintain
The analyst rating for China Life (02628.HK) from the UBS research report is based on several positive factors:
1. Positive Profit Alert: China Life issued a profit alert expecting a significant increase in net profit after tax (NPAT) for the first three quarters of 2025, projecting a 50-70% year-over-year increase, which is well above market consensus.
2. Strong Growth Momentum: The broker anticipates a 36% year-over-year increase in value of new business (VNB) for 1-3Q25, indicating strong growth momentum, particularly in the third quarter of 2025.
3. Adjusted NPAT Forecasts: UBS has significantly raised its NPAT forecasts for China Life for the years 2025-2027 by 79%, 23%, and 24%, respectively, reflecting confidence in the company's performance.
4. Target Price Increase: The target price for China Life has been raised from HKD27.4 to HKD29, reinforcing the positive outlook.
5. Market Conditions: The expansion in asset management scale and rising interest rates are also contributing factors to the positive rating.
Overall, these elements led UBS to maintain a "Buy" rating for China Life.
JPMorgan
JPMorgan
Overweight
maintain
$31
2025-08-26
Reason
JPMorgan has given CHINA LIFE an Overweight rating based on several positive factors that could act as short-term catalysts for the stock. These factors include:
1. Dividend guidance
2. Improvement in debt financing costs
3. Reversal of reserve balance
4. Market upgrades of earnings forecasts
5. Government policy support
Additionally, CHINA LIFE has shown strong year-to-date performance, significantly outpacing the market, and is trading at a favorable forecasted P/E ratio with a decent dividend yield. The target price set by JPMorgan is HKD31.
JPMorgan
Overweight
Price Target
$31
2025-08-26
maintain
JPMorgan has given CHINA LIFE an Overweight rating based on several positive factors that could act as short-term catalysts for the stock. These factors include:
1. Dividend guidance
2. Improvement in debt financing costs
3. Reversal of reserve balance
4. Market upgrades of earnings forecasts
5. Government policy support
Additionally, CHINA LIFE has shown strong year-to-date performance, significantly outpacing the market, and is trading at a favorable forecasted P/E ratio with a decent dividend yield. The target price set by JPMorgan is HKD31.
Valuation Metrics
Forward PE
5Y Average PE
6.04
Current PE
7.49
Overvalued PE
8.36
Undervalued PE
3.72
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
0.00
Current EV/EBITDA
0.00
Overvalued EV/EBITDA
0.00
Undervalued EV/EBITDA
0.00
Forward PS
5Y Average PS
1.20
Current PS
1.69
Overvalued PS
1.40
Undervalued PS
1.00
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