Ge Long Hui·2025-11-10 07:33Core Viewpoint - Goldman Sachs reports that China Life's third-quarter investment income exceeded expectations, leading to a 69% upward revision of the full-year net profit forecast [1] Group 1: Financial Performance - The full-year net profit forecast for China Life has been increased by 69% [1] - The first-year premium forecasts for 2025 to 2027 have been raised by 7% due to improved bank insurance sales channels and positive management outlook for 2026 [1] - The net profit forecasts for 2026 and 2027 have been adjusted upward by 7% [1] Group 2: Valuation and Dividends - The book value forecasts for 2025 to 2027 have been increased by 5% to 7% [1] - The per-share dividend forecast has been raised by 10%, with this year's dividend expected to grow by 23%, surpassing the previous estimate of 12% [1] - The target price has been adjusted from HKD 22.5 to HKD 24.5, while maintaining a "Neutral" rating [1]