Group 1 - The core viewpoint is that the company has significantly improved its financial outlook following better-than-expected investment results in Q3 2025, leading to a substantial increase in profit estimates [1][2] - The FY25 net profit estimates have been raised by 69% due to strong performance in Q3 [1] - The FY25-27E first-year premium (FYP) estimates have been increased by 7%, driven by robust bancassurance sales and a positive management outlook for FY26E [1] Group 2 - Book value estimates for FY25-27E have been raised by 5-7% after incorporating Q3 2025 results [2] - Dividend per share (DPS) estimates for FY25-27E have been increased by 10%, reflecting expectations of a 23% year-on-year growth in FY25E, up from a previous estimate of 12% [2] - The 12-month target prices have been adjusted to HK$24.5/Rmb39.0 from HK$22.5/Rmb36.5, implying a P/B ratio of 0.9X/1.5X for FY27E [2]
CHINA LIFE INSURANCE CO.(2628.HK)：UPDATING POST 3Q25 RESULTS
Ge Long Hui·2025-11-11 12:07