China Life Insurance - H JPM Asia Insurance Forum takeaways: Value-driven sales momentum with capital framework in focus

研报英文原文证据摘录

China Life Insurance - H JPM Asia Insurance Forum takeaways: Value-driven sales momentum with capital framework in focus

Asia Pacific Equity Research

12 May 2026

Overweight

China Life Insurance - H 2628.HK, 2628 HK

Price: HK$31.38

JPM Asia Insurance Forum takeaways: Value-driven 11 May 2026

sales momentum with capital framework in focus Price Target: HK$40.00

PT End Date: 31 Dec 2026

We hosted China Life Insurance Company (China Life) at our Asia Insurance

Insurance forum last week. Our key takeaways are below: AC MW Kim

(852) 2800-8517

• Liability reserve structure. China Life has made considerable and mw.kim@jpmorgan.com

sustained efforts to improve the quality of its liability reserve structure, a J.P. Morgan Securities (Asia Pacific) Limited/

process that began in earnest in 2015 with a deliberate reduction in J.P. Morgan Broking (Hong Kong) Limited

single premium sales and a strategic shift towards regular premium Dan Wang

products of longer duration. This repositioning has contributed to (86-21) 6106-6349

dan.wang@jpmorgan.com

stronger operating cash flow generation and a compounding balance SAC Registration Number: S1730524080001

sheet profile over time. The existing liability reserve is now more J.P. Morgan Securities (China) Company

balanced between participating policies — which carry lower interest Limited

rate sensitivity — and non-participating policies. Importantly, new life Julia Kim

policy issuance has been predominantly weighted towards participating (852) 2800-8540

products. As a consequence, the gradual roll-off of higher fixed- julia.c.kim@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/

guarantee rate policies (3.5% p.a.) in line with the maturity schedule is J.P. Morgan Broking (Hong Kong) Limited