Zhi Tong Cai Jing·2025-08-29 09:52Core Viewpoint - China Life Insurance (601628)(02628) reported a year-on-year growth of 7% in total premiums and 1% in new contract premiums for the first half of the year [1] Group 1: Premium Growth - The insurance premium income from the bancassurance channel increased by 1.1 times, becoming the main driver of growth [1] - This growth offset a 24% year-on-year 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 growth trajectory of new business value, the target price for China Life's A-shares and H-shares has been adjusted from 50 RMB and 19 HKD to 53 RMB and 24 HKD respectively [1] Group 3: Ratings - The rating for China Life's A-shares is maintained at "Outperform" [1] - The rating for China Life's H-shares has been downgraded from "Outperform" to "Neutral" [1]