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