Ge Long Hui·2025-09-15 05:16Core Viewpoint - Goldman Sachs raised its profit forecast for New China Life Insurance by 25% for this year, reflecting better-than-expected performance in the first half and stock market gains in the third quarter [1] Group 1: Profit Forecast Adjustments - The investment bank increased its net profit forecasts for New China Life Insurance for the next two years by 6% to 7% due to a rebound in bond yields leading to slightly higher investment income [1] - The new business value forecast for the company from this year to 2027 was raised by 8% to 10%, driven by an increase in new premium sales [1] Group 2: Sales and Profitability - The increase in new business value was partially offset by a decline in profit margin due to increased contributions from the bancassurance channel [1] Group 3: Target Price and Rating - Goldman Sachs adjusted the target price for New China Life Insurance from HKD 26.5 to HKD 29 while maintaining a "Sell" rating [1]