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<Research>CICC Keeps Outperform on CHINA LIFE; New Biz Liability Guarantee Costs Improve Markedly
Recommend 11 Positive 12 Negative 6 |
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CHINA LIFE (02628.HK) has announced its 2025 results, with new business value (NBV) growing by 35.7% YoY to RMB45.75 billion, and net profit attributable to the parent company increasing by 44.1% YoY to RMB154.1 billion, corresponding to a single-quarter loss of RMB13.7 billion for 4Q25, broadly in line with market expectations, according to CICC's research report. The company continued to promote the transformation of floating income-type businesses, with the proportion of first-year premiums from participating insurance in the individual insurance channel reaching nearly 60% in 2025, driving down the new business liability guarantee costs by over 60 basis points. CICC has kept an Outperform rating and a target price of HKD44.5 on CHINA LIFE. AAStocks Financial News |
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