Citibank: Upgrading China Life (02628) Target Price to HK$36.2 Reiterates “Buy” Rating

The Zhitong Finance App learned that Citi released a research report stating that it raised the target price of China Life Insurance (02628) to HK$36.2, reaffirming the “buy” rating. The bank expects China Life Insurance's new business value to increase 32% year-on-year in the first half of the year. Furthermore, China Life Insurance made a profit earlier. It is expected that net profit for the first half of the year will increase by 215% to 235% year-on-year, mainly due to better capital market performance in the next quarter, leading to an improvement in investment income. The bank raised China Life Insurance's earnings per share forecast for FY2026 by 19% to reflect higher investment return forecasts.