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| HSI1 | 23,393.32 | 0.00 | -- |
| HSCEI1 | 7,906.11 | 0.00 | -- |
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2026-11-02 16:05:15 Morgan Stanley published a research report stating that CHINA LIFE (02628.HK)'s third-quarter results were broadly in line with the broker's estimates and market expectations. Value of new business continued to outperform peers, while management expects further growth in value of new business by 2027. The broker noted that third-quarter net loss amounted to RMB45 billion, broadly meeting expectations and better than its estimated loss of RMB52 billion. Underlying earnings for the first nine months of 2026 rose 15.8% YoY to RMB94 billion, which could serve as another reference for dividend per share distribution. Book value per share slipped only 1.8% QoQ despite market headwinds, while rising 9.5% during the first nine months. Total investment yield reached 3.23%, with the company continuing to shift investments toward high-dividend stocks. The broker also said value of new business for the first nine months increased 13.1% YoY, the strongest among peers. Despite slower growth in the third quarter, it is still likely to outperform most peers. Core solvency adequacy ratio remained solid at 156.3%, down 0.5 ppts QoQ. Even with market corrections, the broker estimated that a 10% decline in the stock market would reduce solvency by only around 2 ppts. The broker maintained an Overweight rating on CHINA LIFE (02628.HK) H shares with a TP of HKD38.8.(da/ad)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |