Ge Long Hui·2025-10-20 05:10Core Viewpoint - Citigroup's research report indicates that China Life Insurance expects a significant increase in net profit for the first three quarters of this year, projecting a year-on-year rise of 50% to 70%, reaching between 156.8 billion to 177.7 billion yuan, which shows a marked acceleration compared to the growth rate in the first half of the year [1] Financial Performance - The estimated net profit for the first three quarters, calculated at a midpoint of 60%, is expected to be 167.2 billion yuan, which exceeds market expectations and outperforms other peers in the industry [1] - For the third quarter alone, net profit is projected to grow by 75% to 106% year-on-year, reaching between 115.9 billion to 136.8 billion yuan, despite a high base from the previous year [1] Investment Factors - The growth in net profit is primarily attributed to significantly improved investment returns, increased equity investment allocation, optimized asset allocation structure, and proactive investments in new productive forces [1] - Citigroup has set a target price of 27.7 Hong Kong dollars for China Life Insurance and maintains a "Buy" rating [1]