China Insurance: China‘s ageing demographics create pension upside for China Life and AMP

Research evidence excerpt

China Insurance: China‘s ageing demographics create pension upside for China Life and AMP

Asia Pacific Equity Research

16 July 2026

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China Insurance

China's ageing demographics create pension upside

for China Life and AMP

China Life’s positive profit alert (link) was not well perceived by the market (H- Insurance

share: -3% vs. HSI: +3%), seemingly due to reduced confidence in interim AC MW Kim

dividend upside, as this is the second year of the interim dividend proposal. China

(852) 2800-8517

Life-H’s valuation looks undemanding at 4x FY27E P/E, with a 4% yield. As we mw.kim@jpmorgan.com

move into the 1H reporting season in August, we believe an interim dividend hike, J.P. Morgan Securities (Asia Pacific) Limited/

double-digit life sales momentum and a robust capital position should support an J.P. Morgan Broking (Hong Kong) Limited

ACattractive risk-reward profile for the stock. Beyond near-term catalysts, China Life Siddharth Parameswaran

is well positioned for long-term upside from China’s ageing demographics and (61-2) 9003-8629

pension market growth. China Life Pension Co., Ltd., or CLPC, is China Life’s siddharth.x.parameswaran@jpmorgan.com

exclusive pension management platform. China Life holds a 70.74% controlling J.P. Morgan Securities Australia Limited

stake, while AMP remains the second-largest shareholder, with a stable 19.99% Dan Wang

strategic stake since 2014. We see China’s ageing population, policy support for (86-21) 6106-6349