CLSA has released a research report announcing an increase in the target price for CHINA LIFE (02628) from HK$33 to HK$37. This adjustment primarily reflects rapid growth in new business value, a higher net asset value, and the appreciation of the Renminbi. The firm reiterated its "Outperform" rating, identifying the stock as its top pick within the domestic insurance sector. Due to recent shifts in market sentiment affecting A-shares, CLSA has lowered the target price for China Life's A-shares (601628) from RMB 45 to RMB 39, while maintaining a "Hold" rating.

CHINA LIFE (02628) disclosed its financial results for the first quarter of 2026. The most notable highlight was a 76% year-on-year increase in new business value, significantly surpassing market expectations. However, net profit fell by 32% compared to the same period last year, a result broadly in line with the firm's forecasts, attributed to weak stock market performance and a high base of comparison from the previous year.

CLSA has raised its operational forecasts for China Life but has revised down its 2026 investment return projections. This leads to slight downward adjustments in the 2026 earnings per share and dividend per share estimates. Conversely, the firm has upgraded its profit, net asset value, and new business value forecasts for 2027 and 2028.