China Life(601628) Guolian Securities·2024-10-31 13:31Investment Rating - The report maintains a "Buy" rating for China Life Insurance [2][4][6] Core Insights - In the first three quarters of 2024, China Life achieved a net profit of 104.52 billion yuan, representing a year-on-year increase of 194.1% [2][6] - The New Business Value (NBV) grew by 25.1% year-on-year, indicating continued improvement in growth rates [2][6] - The company’s liability side shows strong stability, while the asset side exhibits greater elasticity, supporting the positive outlook [2][6] Financial Performance Summary - For the first nine months of 2024, the NBV increased by 25.1%, with new single premiums reaching 197.51 billion yuan, a slight increase of 0.4% year-on-year [6] - The number of agents stabilized at 641,000, with an increase of 0.7 thousand and 1.2 thousand compared to the beginning of 2024 and the first half of 2024, respectively [6] - The net profit growth was significantly driven by improvements in the equity market, with net investment income and total investment income reaching 144.7 billion yuan and 261.4 billion yuan, respectively, marking increases of 3.9% and 152.4% year-on-year [6] Financial Data and Valuation - The total revenue for 2024 is projected to be 454.12 billion yuan, with a year-on-year growth of 31.9% [7] - The forecasted net profit for 2024 is 126.64 billion yuan, reflecting a year-on-year increase of 174.2% [7] - The embedded value is expected to grow to 1,437.14 billion yuan by 2024, with a year-on-year increase of 14% [7]