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2026-11-09 13:25:21 The investor relations team and management from the actuarial, finance and investment departments of CHINA LIFE (02628.HK) held a group meeting, Goldman Sachs said in a research report. Investor questions focused on sales and margin outlook, investment strategy updates (particularly equity asset allocation), and FY2026 dividends amid sharp net profit volatility. Management believed positive momentum in agency and bancassurance channels will sustain into 2027, and noted that stock market volatility has not affected policyholder bonuses or sales of participating products. Regarding dividends, CHINA LIFE reiterated its intention to provide more stable shareholder returns over time. On sales, management attributed weakness in bancassurance in 3Q26 mainly to the implementation of refined expense control measures, which significantly reduced effective income for sales personnel, compounded by a high base in Jul and Aug 2025. Looking ahead, management viewed insurance products remain attractive and continues to be optimistic about sales momentum in 2027. Regarding dividends, CHINA LIFE acknowledged investor concerns over FY2026 dividends amid sharp net profit volatility, and reiterated its intention to provide more stable shareholder returns over time. On the newly disclosed adjusted profit excluding short-term equity market volatility, management believes DPS growth may align more closely with adjusted profit growth over time, though the process is expected to be gradual. The broker maintained its Neutral rating on CHINA LIFE (02628.HK) H shares and CHINA LIFE (601628.SH) A shares, with 12-month TPs of HKD28.5 and RMB42 respectively. ~ AASTOCKS Financial News Website: www.aastocks.com | |