China Life Insurance - H: Positive profit alert points to potential DPS upside

研报英文原文证据摘录

China Life Insurance - H: Positive profit alert points to potential DPS upside

Asia Pacific Equity Research

14 July 2026

Overweight

China Life Insurance - H 2628.HK, 2628 HK

Price: HK$28.62

Positive profit alert points to potential DPS upside 14 Jul 2026

Price Target: HK$40.00

PT End Date: 31 Dec 2026

China Life’s positive profit alert points to a material 1H26 earnings beat, with net Insurance

profit guided to rise 215% to 235% oya to Rmb128.9B to Rmb137.1B, close to AC MW Kim

FY26 consensus and JPMe of Rmb125.5B and Rmb132.6B. We expect a positive (852) 2800-8517

near-term share price reaction, as the market had not priced in this scale of earnings mw.kim@jpmorgan.com

upside. However, with much of the uplift likely investment-led, including FVTPL J.P. Morgan Securities (Asia Pacific) Limited/

equity valuation gains, the key debate should quickly shift from headline earnings to J.P. Morgan Broking (Hong Kong) Limited

the scale of potential DPS upside. We stay OW, supported by strong life sales Dan Wang

momentum, improving solvency capital management and possible shareholder (86-21) 6106-6349

return upside, although we continue to prefer Ping An-H into the results season. dan.wang@jpmorgan.com

SAC Registration Number: S1730524080001

• Strong 1H earnings beat likely to drive upgrades. The profit alert implies a J.P. Morgan Securities (China) Company

level of 1H26 earnings close to FY26 full-year consensus, which we believe Limited

should trigger sizeable consensus upgrades and thus support near-term share price Julia Kim

performance. In the disclosure, the company indicated that multiple drivers (852) 2800-8540

julia.c.kim@jpmorgan.com

supported strong earnings, including disciplined asset-liability management, J.P. Morgan Securities (Asia Pacific) Limited/