China Life Insurance (2628.HK): Takeaways: 2Q26 Inv’t Benefited from Tech Sector’s Rally Which Accounts for >40% of FVTPL Stocks

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China Life Insurance (2628.HK): Takeaways: 2Q26 Inv’t Benefited from Tech Sector’s Rally Which Accounts for >40% of FVTPL Stocks

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22 Jun 2026 22:05:27 ET │ 11 pages

China Life Insurance (2628.HK)

Takeaways: 2Q26 Inv’t Benefited from Tech Sector’s Rally Which

Accounts for >40% of FVTPL Stocks

CITI’S TAKE Buy

We hosted China Life at Citi’s 2026 Financials and Property Conference, Price (22 Jun 26 16:10) HK$30.26

and we provide our key takeaways as below. Target price HK$36.00

Expected share priceEyes double-digit NBV growth and a progressive DPS in FY26E – Mgmt expect to 19.0%

returndeliver double-digit NBV growth in FY26E. As for dividend policy, China Life would aim

to deliver a steady and progressive DPS in FY26E, with a smoother growth rate Expected dividend yield 3.1%

compared to that of net profit. Expected total return 22.0%

Market Cap HK$855,290M

US$109,136M>40% of FVTPL stocks allocated to tech sector – China Life benefited from the

rerating of growth-style stocks in 2Q26 and achieved much better investment

performance compared to that in 1Q26. In particular, mgmt noted that over 40% of its

FVTPL stocks have been allocated to the tech sector. Mgmt noted that the investment

Michelle Ma, CFAACstyle varies among different accounts, where FVOCI stocks account for over 1% of

equity investments for par funds, vs. c.50% for ordinary products. It was also shared +852-2501-2723

that its current FVOCI equity mix stands at a comfortable level. As for fixed income michelle.ma@citi.com

investment, China Life would seek to allocate to ultra-long-duration bonds in a Amy Jy Chen

tactical manner. amy.jy.chen@citi.com

5M26 agency/banca FYP growth tracking healthily at >20%/15~18%, and to

continue in FY26E – In 5M26, mgmt noted that the FYP growth in agency/banca