Zhi Tong Cai Jing·2025-08-29 09:53Core Viewpoint - Jianyin International has raised the target price for China Life Insurance (02628) to HKD 24 while downgrading its rating to "Neutral" [1] Group 1: Financial Performance - In the first half of the year, China Life's total premium and new contract premium increased by 7% and 1% year-on-year, respectively [1] - The growth in premium income from the bancassurance channel, which increased by 1.1 times, was the main driver, offsetting a 24% decline in premium income from the agency business [1] Group 2: Profit Forecast and Target Price Adjustment - Due to a strong rebound in the A-share market since the second half of 2025, the IFRS profit forecast for the fiscal year 2025 has been raised by 5% [1] - Based on the improved trajectory of new business value growth, the target price for China Life's A-shares and H-shares has been adjusted from RMB 50 and HKD 19 to RMB 53 and HKD 24, respectively [1] - The rating for China Life's A-shares remains "Outperform," while the rating for its H-shares has been downgraded from "Outperform" to "Neutral" [1]