中国人寿：Strong lift in banca NBV margin; investment income may continue to rebound in 2H24

2 Sep 2024 CMB International Global Markets | Equity Research | Company Update China Life (2628 HK) Strong lift in banca NBV margin; investment income may continue to rebound in 2H24 China Life reported strong 1H results with NBV +18.6% YoY on a like-for-like basis to RMB32.3bn, and EV back to double-digit growth by 11.4% to RMB 1.4tn from year start. Investment income soared 1.4x YoY to RMB56.7bn after the insurer fully adopted IFRS 9 for both A/H share reporting, driving the pre-tax profit to rise 27.6% Y ...