Core Viewpoint - China Life Insurance (601628)(02628) reported a 20% year-on-year increase in new business value (VNB) for the first half of the year, meeting expectations, primarily driven by a 179% increase in bank channel sales and a 9.5% increase in agent channel sales [1] Group 1 - The new business contract service margin (CSM) decreased by 31% year-on-year due to interest rate fluctuations, but the CSM balance increased by 1.6% year-on-year due to operational improvements [1] - The company declared an interim dividend of RMB 0.238 per share, representing a 19% year-on-year increase, which is considered a positive surprise [1] - The bank maintains its profit forecast and target price of HKD 26 for China Life, reiterating a "Buy" rating [1]