智通财经网·2025-10-20 06:06Core Viewpoint - UBS reports that China Life Insurance (02628) has issued a positive profit alert, expecting a year-on-year increase of 50% to 70% in net profit after tax for the first three quarters of this year, reaching between 157 billion to 178 billion RMB, significantly exceeding market expectations [1] Financial Performance - The net profit after tax for the third quarter is expected to increase by 75% to 106% year-on-year, primarily driven by substantial growth in investment income and a recovery in insurance service operations [1] - UBS has raised its net profit forecasts for China Life for 2025 to 2027 by 79%, 23%, and 24% respectively, based on the positive profit alert, expanded asset management scale, and rising interest rates [1] Business Growth - The estimated new business value (VNB) for the first three quarters is projected to increase by 36% year-on-year, compared to a 20% growth rate in the first half of the year, indicating strong growth momentum in the third quarter [1] Dividend Outlook - Despite the strong expected performance in net profit after tax for the year, UBS believes that dividends will not increase at the same rate, as the group's target is for stable dividend growth [1] - Assuming a dividend increase of 10% to 30%, the H-share dividend yield is expected to reach between 3.4% to 4% [1]