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02628
CHINA LIFE
HKD
31.360-0.400
(-1.26%)
1D
High
32.420
Open
32.000
VWAP
31.61
Vol
30.89M
Mkt Cap
756.36B
Low
31.220
Amount
976.65M
EV/EBITDA(TTM)
12.66
Total Shares
28.26B
EV
1.37T
EV/OCF(TTM)
3.43
P/S(TTM)
4.50
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
01-13aastocksM Stanley Forecasts Strong Performance for CN Insurers This Year, Citing Regulatory Policies and Market Investment Sentiment as Major Drivers
Morgan Stanley's Projections: Morgan Stanley forecasts that Chinese insurers will excel in 2026 due to strong sales growth, improved business quality, and a favorable investment climate, with regulatory policies and market sentiment as key drivers.
Upcoming Earnings Announcements: Chinese insurers are set to release their earnings forecasts next month, with results for 2025 and Q1 2026 expected by the end of March and April, respectively, which are seen as important indicators for the sector's upcycle.
Citi's Insights on PING AN: Citi anticipates that PING AN will show significant growth in new business value (NBV) in Q1 2026, while its 2025 results are expected to align with market expectations.
Positive Outlook for CHINA LIFE: Morgan Stanley expects CHINA LIFE to issue a positive profit alert by the end of this month, potentially surprising the market positively.
6.0
01-12aastocksM Stanley Ranks CN Insurers' H-shares in Order of Preference (Table)
Stock Performance Overview: Several insurance stocks in Hong Kong experienced declines, with PING AN dropping 2.071% and AIA decreasing by 0.593%, while CHINA LIFE saw a slight increase of 0.381%.
Short Selling Activity: Notable short selling figures were reported, with PING AN having a short selling ratio of 22.857% and CHINA LIFE at 27.436%, indicating significant market speculation against these stocks.
Analyst Ratings: Most companies listed, including PING AN, CHINA LIFE, and AIA, received an "Overweight" rating, suggesting analysts are optimistic about their long-term performance despite current market fluctuations.
Market Sentiment: Goldman Sachs expressed optimism regarding AIA's growth prospects in China and Hong Kong for the current year, highlighting a positive outlook amidst the overall market challenges.
4.0
01-08aastocks<Study>JPM Ratings and Target Prices for Chinese Insurers (Table)
Stock Performance: PING AN (02318.HK) and other Chinese insurers experienced declines in stock prices, with PING AN down 0.400 (-0.563%) and short selling at $810.17M, indicating a high short selling ratio of 24.113%.
Ratings and Target Prices: Most insurers, including PING AN, CHINA LIFE, and CPIC, received an "Overweight" rating with increased target prices, while NCI's rating was downgraded from "Overweight" to "Neutral".
Short Selling Trends: Significant short selling activity was noted across various insurers, with CPIC showing a high ratio of 29.098% and CHINA LIFE at 11.757%, reflecting market skepticism.
Market Insights: Citi predicts a one-off impact on Chinese insurers due to tax standard conversion, which may influence future performance and investor sentiment.
6.5
01-08aastocksJPM Expresses Optimism for H-shr Life Insurers; Recommends PING AN (02318.HK) with Target Price of $100
Insurer Performance: JPMorgan's report highlights that insurers in the Asia-Pacific region, particularly CHINA LIFE and PING AN, significantly outperformed the HSI, with PING AN being the top pick for its strong performance and upgraded target price.
Rating Changes: JPMorgan upgraded CPIC to Overweight due to its recovery but downgraded NCI to Neutral due to concerns over reserve quality, while maintaining a cautious stance on the non-life insurance sector.
H-share vs A-share: The broker favors H-share life insurers over A-share, believing they present more attractive risk-reward profiles and anticipating a narrowing valuation gap between the two.
Short Selling Data: The report includes short selling statistics for various insurers, indicating varying levels of market confidence and trading activity among them.
4.5
01-07aastocks<Midday Update> HSI Falls 272 Points; HSTI Declines by 96 Points; BABA Drops More Than 4%; CHINAHONGQIAO, CHINA LIFE, NANSHAN AL INTL, ND PAPER, CMOC Reach New Peaks
Market Performance: The Hang Seng Index (HSI) fell by 272 points (1.0%) to 26,438, while the Hang Seng Tech Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) also experienced declines of 1.7% and 1.1%, respectively.
Active Heavyweights: Major stocks like Alibaba, Meituan, Tencent, and Xiaomi saw significant drops, with Alibaba down 4% and Tencent down nearly 2%, amidst high short selling ratios.
Gainers in the Market: Wuxi Apptec and Chinahongqiao were among the notable gainers, with Wuxi Apptec rising 3.97% and Chinahongqiao hitting a new high with a 3.8% increase.
Notable Movers: Nanshan Al Intl and TYK Medicines-B experienced substantial gains, with Nanshan Al Intl up 14.5% and TYK Medicines-B up 11.1%, both reaching new highs.
Money Flow
Over the past 66 trading days, overall net money flow is 1.43B, with retail investors contributing -5.15M and major investors adding 1.27B.
Net Buy $ Volume
Net Sell $ Volume
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.
Goldman Sachs
Goldman Sachs
Buy
to
Neutral
downgrade
$21
2025-08-13
Reason
The analyst rating from Goldman Sachs was influenced by several factors:
1. Share Price Rebound: Chinese insurers' share prices have rebounded significantly since early April, with H-shares increasing by an average of 59% and A-shares by 24%, outperforming major indices.
2. Fundamental Improvement: There is an observed improvement in the fundamentals of China's insurance industry, which is expected to lead to a repricing of insurance products that could reduce the cost of new business liabilities.
3. Foreign Investor Interest: The significant outperformance of H-shares compared to A-shares is interpreted as a resurgence of interest from foreign investors, indicating that H-shares are seen as a leverage tool for participating in China's economic recovery.
4. Target Price Adjustments: Despite the positive outlook, the target price for CHINA LIFE was raised to HKD21, but its rating was downgraded from Buy to Neutral, suggesting a cautious approach despite the overall positive trends.
Overall, the rating reflects a mix of optimism about the industry's recovery and a recognition of the time it will take to fully realize the benefits of reduced liability costs.
Goldman Sachs
Buy
to
Neutral
Price Target
$21
2025-08-13
downgrade
The analyst rating from Goldman Sachs was influenced by several factors:
1. Share Price Rebound: Chinese insurers' share prices have rebounded significantly since early April, with H-shares increasing by an average of 59% and A-shares by 24%, outperforming major indices.
2. Fundamental Improvement: There is an observed improvement in the fundamentals of China's insurance industry, which is expected to lead to a repricing of insurance products that could reduce the cost of new business liabilities.
3. Foreign Investor Interest: The significant outperformance of H-shares compared to A-shares is interpreted as a resurgence of interest from foreign investors, indicating that H-shares are seen as a leverage tool for participating in China's economic recovery.
4. Target Price Adjustments: Despite the positive outlook, the target price for CHINA LIFE was raised to HKD21, but its rating was downgraded from Buy to Neutral, suggesting a cautious approach despite the overall positive trends.
Overall, the rating reflects a mix of optimism about the industry's recovery and a recognition of the time it will take to fully realize the benefits of reduced liability costs.
Valuation Metrics
Forward PE
5Y Average PE
6.06
Current PE
7.49
Overvalued PE
8.37
Undervalued PE
3.75
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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