JPM: CHINA LIFE 1Q New Business Value Surges 75.5% YoY Far Above Expectations; Reiterates Overweight as Top Pick
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JPM's report highlights that CHINA LIFE's 1Q new business value surged 75.5% YoY, significantly exceeding expectations. Despite a 32% YoY decline in net profit to RMB19.5 billion, the bank maintains an Overweight rating, citing strong sales momentum and a robust solvency ratio of 157%. The target price is set at HKD40, based on an 8x projected 2026 P/E ratio, indicating a positive outlook for the stock.
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