CMB: China Life (02628.HK) New Business Value Grows by 75.5% in the First Quarter, Far Exceeding Expectations, Reiterate "Buy" as Top Pick

According to the Intelligence Finance app, JPMorgan Chase released a research report stating that China Life Insurance (02628.HK) first quarter performance will cause market divergence. The bank holds a positive view, believing that strong sales of new life insurance policies constitute a convincing stock story, largely offsetting the significant decline in profits brought about by fluctuations in the A-share market. First quarter new business value increased by 75.5% year-on-year, far exceeding the bank's expected 20% or more, with strong momentum in agent and bancassurance channels, showing market share improvement and deepening distribution channel strength even under high base in the same period last year. Morgan Stanley reiterated its "overweight" rating on China Life, expecting a positive stock price response with a target price of HK$40, based on a forecasted P/E ratio of 8 times for 2026.