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

研报英文原文证据摘录

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

Asia Pacific Equity Research

16 July 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of

Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

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