China Life Insurance Co. (2628.HK): Asia Financials Corporate Day Takeaways

Research evidence excerpt

China Life Insurance Co. (2628.HK): Asia Financials Corporate Day Takeaways

Equity Research

16 June 2026 | 9:39PM HKT

China Life Insurance Co. (2628.HK): Asia Financials Corporate Day

Takeaways

Thomas Wang

+852-2978-1697 |

thomas.wang@gs.com

Goldman Sachs (Asia) L.L.C.

Simone Chen

+852-2978-0619 |

simone.chen@gs.com

Bottom line: We hosted China Life IR team and managements from the investment,

actuarial and finance teams at our Asia Financials Corporate Day. Investor questions

focused on sales outlook, potential growth and disruption in the bancassurance

channel, investment, and dividends. China Life reiterated its double-digit FY26 VONB

growth target and highlighted its competitive advantages in the bancassurance

channel. Investment result has recovered with the equity market in 2Q26. For

investors that were concerned about the base effect in 3Q, China Life noted that

focus should be on FY profit, especially given a low base in 4Q. Management will also

try to reduce volatility in DPS.

We rate China Life H/A at Neutral/Neutral. Our 12-month, ROA-based target prices

are HK$28.5/Rmb42.0, implying 1.0X/1.7X FY27E P/B.

Key takeaways:

n VONB growth: China Life attributed the strong 1Q growth (+75% yoy) to higher

mix of long premium-term policies (vs. 1Q25) and a strong jump-start sales

campaign. Looking ahead, VONB growth is likely to decline in coming quarters,

mainly due to higher base effect. There has been no change in customer demand.

Encouragingly, strong growth momentum in the agency channel in 1Q has

continued into 2Q. Because of the good result achieved in 1Q, agents are able to

focus on protection product sales in 2Q. In addition, China Life believes insurance

demand could improve together with market sentiment, and a strong equity