CMB International published a research report. China Life's performance in the first half of the year was strong. Net profit increased 2.29 times year-on-year to 134.5 billion yuan, which is in the middle of the previous profit forecast. The value of new business during the period increased 33.7% year on year to 38.2 billion yuan, leading the industry in growth; the interim dividend increased by 50.4% year on year to 0.358 yuan per share, far exceeding market expectations. Taking into account improved business quality and excellent profit performance in the first half of the year, the bank raised its 2026-2028 earnings forecast to $7.67, $6.10 and $6.55, and raised the target price from HK$34 to HK$39, corresponding to the 2026 forecast containing 0.6 times the value and 1.3 times the market account ratio, maintaining the “buy” rating.

CMB International published a research report. China Life's performance in the first half of the year was strong. Net profit increased 2.29 times year-on-year to 134.5 billion yuan, which is in the middle of the previous profit forecast. The value of new business during the period increased 33.7% year on year to 38.2 billion yuan, leading the industry in growth; the interim dividend increased by 50.4% year on year to 0.358 yuan per share, far exceeding market expectations. Taking into account improved business quality and excellent profit performance in the first half of the year, the bank raised its 2026-2028 earnings forecast to $7.67, $6.10 and $6.55, and raised the target price from HK$34 to HK$39, corresponding to the 2026 forecast containing 0.6 times the value and 1.3 times the market account ratio, maintaining the “buy” rating.