1H26 Preview: Strong Earnings, Solid VNB; High 3Q Base a Near-Term headwind

研报英文原文证据摘录

1H26 Preview: Strong Earnings, Solid VNB; High 3Q Base a Near-Term headwind

IdeaAlphaSignalsMEarnings Preview

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

China Life Insurance Co Ltd 2628.HK

Earnings and VNB In-line Meaningful revision higher

• We see China Life could report the strongest earnings and VNB growth among peers in 1H26, which could

underpin its performance in August before full results release.

• However, a much higher base in 3Q could create temporary growth headwinds, while the underlying

fundamentals remain intact when viewed beyond the short-term comparison pressure.

Ping An Insurance Group Co of China Ltd 2318.HK

Earnings and VNB In-line Modest revision higher

• Ping An could deliver solid OPAT, healthy NPAT and decent VNB growth in 1H26, which could be overall

satisfactory consider its appealing valuation (~0.8x 26E P/B) and dividend yield (at ~6%).

• An easier base and steady OPAT trajectory in 3Q26 could make the stock more resilient than peers, although

quarterly VNB growth may come under greater scrutiny.

PICC P&C Company Ltd 2328.HK

CoR and earnings In-line Modest revision higher

• We see PICC P&C could further improve its CoR to a remarkable 94.5% in 1H26, and increase its annualized

ROE to >20%, helped by favorable equity market.

• Although there could be some potential pressure on increased cat losses in 3Q26, we believe PICC P&C can

better manage the impact and realize its full-year CoR target.

• The company is appealing and defensive consider ~1.0x 26E P/B and >5% dividend yield, as well as a easier

base than Life names. CXMT listing might also bring some mark-to-market value gains in 3Q26.

China Pacific Insurance Group Co Ltd 2601.HK

Earnings and VNB In-line Largely unchanged