UBS: China Life Insurance (02628) new business value growth exceeded expectations. Rating: "Buy"

UBS released a research report stating that China Life Insurance (02628) saw a 42% increase in new business value in the first nine months, which appears to be better than market expectations; post-tax net profit increased by 61% to 168 billion RMB, in line with earlier profit forecasts. The bank said that with strong growth in new business value this year, China Life has a more constructive outlook for next year. The bank has given the company a "buy" rating with a target price of HK$29.