JPM maintains a positive outlook on CHINA LIFE due to strong new life insurance policy sales, which significantly offset the decline in earnings from A-share market volatility. Despite a 32% year-over-year drop in net profit, the bank believes this does not pose a significant risk to share prices, as the dividend policy has shifted to a progressive framework. The strong growth in new business value and robust performance in distribution channels indicate market share gains, leading JPM to reiterate its Overweight rating with a target price of HKD40.
