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中金:升中国人寿(02628)目标价至24.33港元 中期盈利符预期
智通财经网·2025-08-29 08:55

Core Viewpoint - China Life's (02628) performance in the first half of the year is generally in line with expectations, with a net profit increase of 6.9% year-on-year, although there was a 31.2% decline in the second quarter, which was slightly better than expected [1] Financial Performance - The pre-tax profit decreased by 11.5% year-on-year, which aligns with expectations [1] - The new business value (NBV) on a comparable basis increased by 20.3%, while the actual disclosed NBV fell by 11.5% [1] - The comparable NBV for the next insurance segment rose by 9.5%, indicating better performance than anticipated [1] Business Strategy - The company is actively promoting the transformation towards dividend insurance, with over 50% of the first-year premium income from individual insurance coming from dividend insurance as of the end of June [1] Contractual Service Margin (CSM) - The CSM increased by 1.6% to 754.7 billion RMB from the beginning of the year, primarily driven by new business inflows and interest rate changes [1] - However, the new business CSM decreased by 31% year-on-year to 26.2 billion RMB, attributed to the impact of spot interest rate assessments under the Variable Fee Approach (VFA) and declining interest rates [1] Target Price Adjustment - The target price for H-shares has been raised by 24.1% to 24.33 HKD, considering the improvement in liquidity in the Hong Kong stock market, which may help narrow the company's discount [1]