Ge Long Hui·2025-08-29 06:41Core Viewpoint - China Life's performance in the first half of the year is generally in line with expectations, with a year-on-year profit increase of 6.9%, although there was a significant decline of 31.2% in the second quarter [1] Financial Performance - The pre-tax profit decreased by 11.5% year-on-year, which aligns with expectations [1] - The new business value on a comparable basis increased by 20.3% year-on-year, while the actual disclosed new business value fell by 11.5% [1] - On a comparable basis, the new business value for the next insurance segment rose by 9.5%, indicating better performance than anticipated [1] Ratings and Price Target - The company maintains its earnings forecast for the next two years and continues to rate China Life as "outperforming the industry" [1] - Due to improved liquidity in the Hong Kong stock market, the target price for H-shares has been raised by 24.1% to HKD 24.33 [1]