China Life Insurance Co Ltd Class H (HK:2628)
:2628
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China Life Insurance Co
(2628)
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Rating:79Outperform
Price Target:
HK$33.00
▲(18.96% Upside)
Action:Reiterated
Date:05/03/26
The score is driven primarily by strong financial performance (robust cash generation and improved profitability/ROE), reinforced by very attractive valuation (low P/E with a dividend). Technical signals are mixed—neutral momentum with some moving-average resistance—tempering the overall rating.
Positive Factors
Strong cash generation
Free cash flow closely tracks net income (~0.98–1.00x) and remains consistently positive, providing durable internal funding. That cash conversion supports dividends, reinvestment in distribution, reserve management and cushions underwriting volatility over a multi‑month horizon.
Negative Factors
Revenue volatility
Material swings in revenue reduce predictability of future embedded margins and cash flows from new business. For a life insurer, volatile premium flows complicate product pricing, reserve planning and capital allocation, increasing execution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Free cash flow closely tracks net income (~0.98–1.00x) and remains consistently positive, providing durable internal funding. That cash conversion supports dividends, reinvestment in distribution, reserve management and cushions underwriting volatility over a multi‑month horizon.
Read all positive factors
China Life Insurance Co (2628) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.04T
Dividend Yield3.42%
Average Volume (3M)56.83M
Price to Earnings (P/E)7.8
Beta (1Y)1.50
Revenue Growth36.40%
EPS Growth44.74%
CountryHK
Employees98,689
SectorFinancial
Sector Strength70
IndustryInsurance - Life
Share Statistics
EPS (TTM)0.63
Shares Outstanding7,441,175,000
10 Day Avg. Volume70,792,378
30 Day Avg. Volume56,825,661
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)1.17
Price to Sales (P/S)1.15
P/FCF Ratio1.52
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$35.56Price Target Upside28.17% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)4.67
Revenue Forecast (FY)HK$623.07B
China Life Insurance Co Business Overview & Revenue Model
Company Description
China Life Insurance Company Limited, together with its subsidiaries, operates as a life insurance company in the People's Republic of China. The company operates in four segments: Life Insurance Business, Health Insurance Business, Accident Insur...
How the Company Makes Money
China Life generally makes money through (1) insurance underwriting and policy-related fees and (2) investment income generated from managing insurance funds.
1) Insurance underwriting (premium-based earnings)
- Premium income: The company collec...
China Life Insurance Co Earnings Call Summary
Earnings Call Date:Oct 30, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The earnings call presented a strong financial performance with record-high premiums and net profit, coupled with significant growth in investment income and improved operational efficiency. However, concerns about volatility under new accounting standards and challenges in transitioning the product mix were also highlighted.Positive Updates
Record-High Gross Written Premiums
The company's gross written premiums reached RMB 600 billion, a record high, with a year-on-year increase of 5.1%.
Negative Updates
High Volatility Concerns
Concerns were raised about increased volatility in profitability and net assets under new accounting standards.
Read all updates
Q3-2024 Updates
Positive
Negative
Record-High Gross Written Premiums
The company's gross written premiums reached RMB 600 billion, a record high, with a year-on-year increase of 5.1%.
Read all positive updates
Company Guidance
During the earnings call for Q3 2024, the executives provided comprehensive guidance on the company's financial performance and strategic focus areas. The company reported gross written premiums of RMB 600 billion, marking a year-on-year increase of 5.1%, with renewal premiums increasing by 7.5% to RMB 410.7 billion and first-year regular premiums rising by 6.8% to RMB 113.2 billion. The surrender rate decreased to 0.74%, enhancing operational quality. Investment income also saw a significant rise, with gross investment income reaching RMB 261.4 billion, up by 152%, and the net investment income at RMB 144.7 billion, an increase of 3.9%. The company's total assets amounted to RMB 6.48 trillion, reflecting an 11.7% growth. Additionally, the core solvency ratio stood at 154.58%, while the comprehensive solvency ratio was at 211.64%, both indicating robust financial health. The management emphasized their commitment to a customer-centric approach, focusing on diversified products and optimizing asset-liability management to ensure sustainable, high-quality growth.China Life Insurance Co Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
83
Very Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 295.45B | 605.11B | 512.20B | 396.47B | 822.30B | 848.11B |
| Gross Profit | 294.12B | 603.33B | 510.40B | 394.74B | 66.12B | 85.99B |
| EBITDA | 6.16B | 186.52B | 120.24B | 57.00B | 33.84B | 60.88B |
| Net Income | 17.91B | 154.08B | 106.94B | 51.18B | 32.08B | 50.77B |
Balance Sheet | ||||||
| Total Assets | 7.72T | 7.59T | 6.77T | 5.89T | 5.25T | 4.89T |
| Cash, Cash Equivalents and Short-Term Investments | 137.69B | 143.32B | 86.52B | 2.41T | 1.87T | 1.49T |
| Total Debt | 36.92B | 36.79B | 49.27B | 48.97B | 49.34B | 55.86B |
| Total Liabilities | 7.10T | 6.98T | 6.25T | 5.42T | 4.81T | 4.40T |
| Stockholders Equity | 598.26B | 595.21B | 509.68B | 460.11B | 436.17B | 478.58B |
Cash Flow | ||||||
| Free Cash Flow | 341.75B | 456.87B | 374.82B | 384.06B | 348.89B | 280.97B |
| Operating Cash Flow | 343.56B | 459.93B | 378.80B | 388.23B | 351.97B | 286.45B |
| Investing Cash Flow | -353.20B | -547.37B | -354.62B | -428.10B | -164.96B | -393.73B |
| Financing Cash Flow | 69.35B | 144.34B | -86.76B | 60.27B | -120.09B | 111.14B |
China Life Insurance Co Technical Analysis
Positive
27.74
Price Trends
27.95
Positive
29.93
Negative
27.07
Positive
Market Momentum
0.56
Positive
50.95
Neutral
26.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2628, the sentiment is Positive. The current price of 27.74 is below the 20-day moving average (MA) of 29.02, below the 50-day MA of 27.95, and above the 200-day MA of 27.07, indicating a bullish trend. The MACD of 0.56 indicates Positive momentum. The RSI at 50.95 is Neutral, neither overbought nor oversold. The STOCH value of 26.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2628.
China Life Insurance Co Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | HK$1.04T | 7.84 | 31.07% | 3.42% | 36.40% | 44.74% | |
77 Outperform | HK$193.08B | 4.89 | 35.23% | 5.24% | 39.01% | 38.60% | |
70 Outperform | HK$75.11B | 0.83 | 29.19% | 1.81% | 11.51% | 250.65% | |
69 Neutral | HK$352.98B | 6.78 | 18.16% | 3.28% | 10.54% | 27.66% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | HK$880.67B | 7.26 | 15.16% | 2.16% | 9.97% | -4.43% | |
64 Neutral | HK$1.11T | 9.14 | 13.93% | 4.25% | >-0.01% | 6.63% |
* Financial Sector Average
HK:2628
China Life Insurance Co
29.12
14.01
92.77%
HK:2318
Ping An Insurance Company of China
61.15
15.40
33.65%
HK:1299
AIA Group
84.25
20.06
31.26%
HK:2601
China Pacific Insurance (Group) Co
32.32
8.85
37.70%
HK:0966
China Taiping Insurance Holdings Co
20.90
9.30
80.25%
HK:1336
New China Life Insurance Co., Ltd. Class H
48.24
17.77
58.30%
China Life Insurance Co Corporate Events
China Life Insurance Issues Q1 2026 Solvency Report Summary Under Updated Rules
Apr 29, 2026
China Life Insurance Company Limited has released its solvency quarterly report summary for the first quarter of 2026, prepared under China’s updated Solvency Regulatory Rules II and related guidance issued by national regulators. The disclo...
China Life First-Quarter Profit Falls Despite Asset Growth
Apr 29, 2026
China Life Insurance Company Limited reported modest balance sheet growth in the first quarter of 2026, with total assets rising 1.6% from year-end 2025 to RMB 7.72 trillion and equity attributable to shareholders edging up 0.5% to RMB 598.26 bill...
China Life to Host Webcast Briefing on 2026 First-Quarter Results
Apr 21, 2026
China Life Insurance Company Limited will release its 2026 first-quarter results on April 29, 2026, via the HKExnews platform, and will host a webcast and text-interaction briefing the same evening from 7:00 p.m. to 8:00 p.m. Hong Kong time. The s...
China Life Insurance Sets April 29 Board Meeting to Review Q1 2026 Results
Apr 15, 2026
China Life Insurance Company Limited has scheduled a board meeting for 29 April 2026 to review and approve its unaudited financial results for the first quarter ended 31 March 2026, prepared under China Accounting Standards for Business Enterprise...
China Life Sets Clear Mandate for Nomination and Remuneration Committee to Bolster Governance
Mar 25, 2026
China Life Insurance Company Limited has detailed the scope and responsibilities of its Nomination and Remuneration Committee, a specialised board committee tasked with shaping the structure, size and composition of the board and senior management...
China Life Clarifies Mandate of Nomination and Remuneration Committee to Bolster Governance
Mar 25, 2026
China Life Insurance Company Limited has detailed the scope and responsibilities of its Nomination and Remuneration Committee, a specialized board committee tasked with overseeing board structure, director and senior management selection, performa...
China Life Insurance Proposes 2025 Final Dividend and Outlines Cross-Border Tax Treatment
Mar 25, 2026
China Life Insurance Company Limited has proposed a final ordinary dividend of RMB 0.618 per share for the financial year ended 31 December 2025, with shareholder approval scheduled for 25 June 2026 and payment expected on 20 August 2026. The divi...
China Life Insurance Posts Record 2025 Earnings and Expands Role in China’s Policy Priorities
Mar 25, 2026
China Life Insurance reported record results for 2025, the final year of China’s 14th Five-Year Plan, with total assets rising to RMB7.59 trillion and net assets up 16.7% to RMB608.39 billion, underscoring strengthened capital position and i...
China Life Updates Q4 2025 Solvency Disclosure Under Revised Regulatory Framework
Mar 25, 2026
China Life Insurance Company Limited has released its solvency quarterly report summary for the fourth quarter of 2025, prepared under China’s updated Solvency Regulatory Rules II and related notices issued by the National Financial Regulato...
China Life to Commit RMB2.8 Billion to New Connected Investment Partnership
Mar 25, 2026
China Life Insurance Company Limited plans to form an investment partnership with Fujian Government Investment, Fuzhou Jintou, Jinhong Zhiyuan and Fuzhou Herui, committing RMB2.8 billion of the total RMB4.0154 billion capital, with China Life Jins...
China Life Insurance Gains NFRA Approval for Employee Representative Director
Mar 19, 2026
China Life Insurance Company Limited announced that China’s National Financial Regulatory Administration has approved the qualification of Li Wei as an Employee Representative Director on its eighth board of directors. His term of service be...
China Life Sets Out Board Line-Up and Committee Roles
Mar 19, 2026
China Life Insurance Company Limited has announced the current composition of its board of directors, led by Chairman and Executive Director Cai Xiliang, and including executive, non-executive, independent non-executive, and an employee representa...
China Life to Webcast 2025 Results Briefing for Investors
Mar 17, 2026
China Life Insurance Company Limited will release its 2025 annual results on the Hong Kong stock exchange disclosure platform on 25 March 2026, followed by an online results briefing the next day. The briefing, led by Chairman Cai Xiliang, Preside...
China Life Insurance Sets March Board Meeting to Approve 2025 Results and Final Dividend
Mar 6, 2026
China Life Insurance Company Limited has scheduled a board meeting for 25 March 2026 to review and approve its audited financial results for the year ended 31 December 2025. The board will also consider a proposal for a final dividend and address ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.