Core Viewpoint - UBS reports that China Life Insurance (02628) has issued a positive profit alert, expecting a year-on-year increase of 50% to 70% in net profit after tax for the first three quarters of this year, reaching between 157 billion to 178 billion RMB, significantly exceeding market expectations [1] Financial Performance - The net profit after tax for the third quarter is expected to increase by 75% to 106% year-on-year, primarily driven by substantial growth in investment income and a recovery in insurance service operations [1] - UBS has raised its net profit forecasts for China Life for 2025 to 2027 by 79%, 23%, and 24% respectively, based on the positive profit alert, expanded asset management scale, and rising interest rates [1] Business Growth - The estimated new business value (VNB) for the first three quarters is projected to increase by 36% year-on-year, compared to a 20% growth rate in the first half of the year, indicating strong growth momentum in the third quarter [1] Dividend Outlook - Despite the strong expected performance in net profit after tax for the year, UBS believes that dividends will not increase at the same rate, as the group's target is for stable dividend growth [1] - Assuming a dividend increase of 10% to 30%, the H-share dividend yield is expected to reach between 3.4% to 4% [1]

Core Viewpoint - Bank of America Securities anticipates AIA Group (01299) to report a year-to-date operating data for the first three quarters at the end of October, with expected year-on-year growth of 15% for both the third quarter and the first nine months in terms of new business value (VNB) at actual exchange rates, maintaining an annual growth forecast of 14% to 15% [1] Group 1 - The potential upside may come from accelerated growth in China and smaller ASEAN markets [1] - The target price remains unchanged at HKD 90, with a "Buy" rating [1] - In terms of market segmentation, the mainland China market's VNB has resumed growth in the second quarter, with expectations for continued growth in the third quarter, projected at 3% to 5% [1] Group 2 - For the Hong Kong market, the VNB growth from mainland visitors is expected to slow to 14% year-on-year, down from approximately 30% in the first half of the year [1] - Local customer VNB growth is projected to remain around 20% year-on-year [1]

Group 1 - The core viewpoint of the report is that AIA Group is expected to announce its operating data for the first three quarters of the year at the end of October, with a projected year-on-year growth of 15% in new business value (VNB) for both the third quarter and the first nine months, based on actual exchange rates [1] - The full-year growth forecast for AIA Group is estimated to be between 14% and 15%, with potential upside coming from accelerated growth in mainland China and smaller ASEAN markets [1] - Bank of America maintains its target price for AIA Group at HKD 90 and continues to rate the stock as "Buy" [1] Group 2 - AIA Group plans to forfeit the unclaimed interim dividend for 2019 [2] - The Hong Kong stock market has seen a general rise in insurance stocks, with China Ping An and AIA Group both increasing by over 2%, indicating a clear recovery trend in the industry [2]