Ge Long Hui·2025-10-31 08:33Core Viewpoint - Bank of America Securities reports that New China Life Insurance (1336.HK) achieved a net profit of 32.9 billion RMB in the first three quarters, representing a year-on-year growth of 59%, exceeding expectations [1] Financial Performance - The strong investment income growth in Q3 contributed to maintaining robust profitability despite a high base from the previous year due to fair value gains from stock market increases [1] - The net profit for the first three quarters reached 32.9 billion RMB, marking a significant increase compared to the same period last year [1] Earnings Forecast - Based on improved investment income forecasts, Bank of America Securities raised New China Life's earnings forecast for 2025 by 23% [1] - The earnings forecasts for 2026 and 2027 were adjusted upward by 1% to 2% [1] Target Price and Rating - The target price for New China Life was increased by 2% to 39 HKD [1] - The rating was reaffirmed as "Underperform," with the view that its valuation level is relatively high compared to peers [1]