HUCLIFE@EC2612A

Listed insurance firms' Q1 net profit generally fell by nearly 17%, with the market anticipating a subsequent recovery

CMBI Raises Life Insurance Target Price to 34 HKD, Maintains Buy Rating

Goldman Sachs Raises 2026 Profit Forecast for China Life by 8%

Morgan Stanley Raises Target Price for China Life to HKD 38.9

China Ping An Life Insurance Increases Holdings in China Life

UBS Report: China Life Sees 76% Increase in New Business Value, 32% Drop in Net Profit in Q1

The total net profit of the five major listed insurance companies decreased by 16.98% in Q1 2026, but the new business value of life insurance saw comprehensive growth

China Ping An Insurance Buys 1.266 Million Shares of China Life Insurance

JPMorgan Releases Q1 Earnings Analysis for China Life

Fujian Xinrui Relay Sci-Tech Equity Investment Partnership Established with an Investment of About 4 Billion Yuan

CHINA LIFE released FY2026 Q1 earnings on April 29 After-Market (BJT), actual revenue HKD 61.86 B, actual EPS HKD 0.7822

LaSalle Investment Management and National Life Capital Collaborate on Shanghai Long-Term Rental Apartment Acquisition

China Life Releases 2025 ESG Report, MSCI Rating Upgraded to AA

China Life Insurance Reports 75.5% Increase in New Business Value in Q1

China Life Sees Growth in Sales Force Quality in Q1

China Life's Q1 2026 Net Profit Falls 32.3% to 19.505 Billion Yuan

Ping An Asset Management Co., Ltd.增持 China Life Insurance

Significant Growth in Dividend Insurance Sales via Banking Channels

Insurance industry focuses on technological innovation and green transformation in Q1 2026

HKEX announces the addition of weekly contracts for 17 option classes, including China Life

EASYHOLD GROUP

ASIA PIONEER

RONGZUN INT’L H

SFSY NEW MAT

CENTRALCHINA MT

HAITIAN ANTENNA

TOMO HOLDINGS

HENGDELI

160 HEALTH

WANDA HOTEL DEV

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Yesterday, Prudential's stock price surged by 4.04% at the close, with a trading volume of approximately HKD 42.95 million. The price and volume were well-coordinated, clearly breaking through the recent consolidation range. The MACD daily bullish signal has been established with strong momentum, and the short-term momentum indicators are accelerating divergence, which usually indicates that buying power is forming a consistent directional expectation, confirming a phase of upward trend. In terms of market performance, the stock price maintained strength throughout the day, closing in the high range of the day, with clear signals of bullish control. On the news front, the insurance sector collectively strengthened yesterday, with China Life rising by 4.28%, PICC P&C by 5.91%, CPIC by 3.37%, and AIA by 1.94%, forming a strong collective breakout trend in the sector. Prudential, as an international insurance giant covering the Asian and African markets, benefits from the long-term logic of increasing insurance penetration in emerging Asian markets. Recently, although Federal Reserve officials warned of inflation risks and the possibility of interest rate hikes, the high interest rates provide positive support for the investment income of insurance companies. The improvement in market risk appetite driven by the ceasefire sentiment also favors the valuation recovery of insurance stocks. Technically, the stock price has broken through the 5-day and 10-day moving average resistance, and the short-term moving average system is beginning to shift to a bullish arrangement. The trading volume has significantly increased compared to previous days, making the breakout action effective. The overall strength of the insurance sector provides strong support for individual stocks, and today it is necessary to pay attention to whether the sector's heat can continue. The short-term trend is biased towards bullish, with sector resonance combined with individual stock technical breakthroughs, indicating a high signal strength

Technical Forecast

CPIC

PICC P&C

China Life

CHINA LIFE

Prudential plc

Prudential

Prudential USD

AIA-R

AIA Group

Pre-market trend | Prudential (2378.HK) surged over 4% on May 7 with increased volume, are the main players in the insurance sector buying up?

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BofAS reported that Chinese insurers' 1QYY results were solid despite stock market volatility affecting investment income. CHINA LIFE saw a 32% YoY decline in net profit, while NCI posted an unexpected 11% profit increase. PING AN and CPIC delivered stable results. BofAS believes the market has absorbed weak profit factors and investors will focus on long-term growth. Their top picks are PING AN and CHINA LIFE, with target prices of HKD74 and HKD33.1, respectively, both rated as Buy.

AASTOCKS News

Ping An Insurance

Ping An

PING AN

PING AN-R

BofAS: 1QYY Results of Chinese Insurers Solid; Top Picks PING AN , CHINA LIFE

CMBI has raised the target price for CHINA LIFEfrom HKD33 to HKD34 following a mixed performance in 1Q26. The company's net profit fell 32.3% YoY to RMB19.5 billion, missing forecasts due to stock market volatility. However, new business value surged 75.5% YoY, indicating strong growth potential. The broker maintains a Buy rating, optimistic about earnings growth in Q2, supported by a stock market rebound and effective asset-liability management.

CMBI Raises CHINA LIFE  TP to HKD34; Strong 1Q26 NBV

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Morgan Stanley has raised its target price for CHINA LIFEfrom HKD37.9 to HKD38.9, reflecting a 2.6% increase. This adjustment follows strong growth in the company's new business value in Q1 2026, prompting slight increases in earnings forecasts for 2026 to 2028 by 0.1%, 0.3%, and 0.4%. The firm maintains an Overweight rating on the stock.

SINO-LIFE GROUP

Morgan Stanley

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

M Stanley Raises CHINA LIFE  TP to HKD38.9, Reiterates Overweight

CICC reported that CHINA LIFEexceeded expectations in its 1Q26 results, with a 75.5% YoY increase in new business value (NBV), despite a 32.3% YoY decline in net profit to RMB19.505 billion. CICC maintained its Outperform rating and unchanged earnings forecasts, setting a target price of RMB60.3 for A shares and HKD44.5 for H shares, indicating potential upside of 65% and 62%, respectively.

CICC

CICC: CHINA LIFE  1Q26 NBV Far Exceeds Expectations; Maintains Outperform Rating

UBS reported that CHINA LIFEachieved a 76% year-on-year increase in new business value for 1Q26, significantly surpassing expectations. However, the company's net profit after tax fell 32% year-on-year to RMB20 billion, aligning with market forecasts due to weak equity performance and high investment leverage. UBS maintains a Buy rating on CHINA LIFE with a target price of HKD40.

UBS Group AG

UBS: CHINA LIFE  1Q26 New Business Value +76% YoY Far Beats; Buy, TP HKD40

Hong Kong stocks declined ahead of the May 1 holiday, with the HSI closing down 335 points at 25,776. China Life rose 4.5% after quarterly results, while SMIC gained 7.8%. Brent oil futures reached $120.92 per barrel. The US Federal Reserve maintained interest rates, and the DJIA fell 0.6%. Southbound trading will be suspended during the holiday. YOFC shares plummeted 13.8% after disappointing Q1 results, despite significant year-on-year profit growth. Overall, the HSI saw a weekly decline of 0.8%, but a monthly gain of 4%.

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Hang Seng China Enterprises Index

Hang Seng TECH Index

BYD COMPANY

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Xiaomi Corporation

Cambricon

SMIC

HUA HONG SEMI

Hua Hong

ILUVATAR COREX

BIREN TECH

KNOWLEDGE ATLAS

TENCENT

Tencent

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NetEase

BABA-W

Alibaba

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JD.com

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BYD HK SDR 10to1

BYD Company

BYD Company Limited

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XIAOMI-WR

Xiaomi HK SDR 2to1

SMIC HK SDR 5to1

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Tencent HK SDR 10to1

Tencent Holdings Limited

BABA-WR

Alibaba HK SDR 5to1

KUAISHOU-WR

JD-SWR

BIDU-SWR

MEITUAN-WR

Meituan HK SDR 5to1

Hong Kong Stocks Weaken Ahead of Long Holiday; CHINA LIFE  Up 4%; SMIC Sought After

NCIshares rose 2.8% at midday, closing at HKD52. BofAS reported a net profit of RMB6.5 billion for 1Q26, up 11% YoY, but noted one-off gains. NCI's investment yield was 2.1%, lower than CHINA LIFE's 2.2%. M Stanley and UBS also reported positive earnings, with M Stanley assigning an Underweight rating and a TP of HKD43, while UBS maintained a Neutral rating with a TP of HKD48.5. Overall, NCI's performance exceeded market expectations despite challenges in the equity market.

Bank of America

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

NCI  Up 2.8% at Midday; Brokers Say 1Q26 Earnings Beat Expectations

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The HSI fell 322 points to 25,789 at midday, influenced by a 280-point drop in the DJIA. CHINA LIFE rose nearly 5% despite a 32.3% drop in 1Q net profit, while SMIC surged over 6%. Other major stocks like CCB and BANKCOMM reported profit increases but saw share declines. Tech stocks faced mixed results, with TENCENT down 3% and NTES up 2.2%. International oil prices rose, benefiting PETROCHINA, while auto stocks like BYD and NIO experienced significant drops. HSBC is involved in a USD40 billion loan arranged by SoftBank, with its shares down 0.7%.

CSOP HSI ETF

China Southern Hang Seng ETF

ISHARESHSI

FI2 CSOP HSI

HSI Down 322 pts at Half Day; CHINA LIFE  Up Nearly 5%; SMIC Surges Over 6%

CLSA has raised its target price for CHINA LIFEfrom HKD33 to HKD37 following the company's 1Q26 results, which showed a 76% YoY increase in new business value, despite a 32% YoY decline in net profit. The broker has adjusted its forecasts for 2026 EPS and DPS downwards but increased earnings and net asset value estimates for 2027 and 2028. CLSA maintains an Outperform rating for CHINA LIFE, its top pick among Chinese insurers, while lowering its A-share target price from RMB45 to RMB39 with a Hold rating.

CLSA Raises CHINA LIFE  TP to HKD37; 1Q26 Net Profit Largely In Line

HUCLIFE@EC2612A(29007.HK)

Pre-market trend | Prudential (2378.HK) surged over 4% on May 7 with increased volume, are the main players in the insurance sector buying up?

BofAS: 1QYY Results of Chinese Insurers Solid; Top Picks PING AN , CHINA LIFE

CMBI Raises CHINA LIFE TP to HKD34; Strong 1Q26 NBV

M Stanley Raises CHINA LIFE TP to HKD38.9, Reiterates Overweight

CICC: CHINA LIFE 1Q26 NBV Far Exceeds Expectations; Maintains Outperform Rating

UBS: CHINA LIFE 1Q26 New Business Value +76% YoY Far Beats; Buy, TP HKD40

Hong Kong Stocks Weaken Ahead of Long Holiday; CHINA LIFE Up 4%; SMIC Sought After

NCI Up 2.8% at Midday; Brokers Say 1Q26 Earnings Beat Expectations

HSI Down 322 pts at Half Day; CHINA LIFE Up Nearly 5%; SMIC Surges Over 6%

CLSA Raises CHINA LIFE TP to HKD37; 1Q26 Net Profit Largely In Line