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China Life Insurance Co
(2628)
China Life Insurance Co (2628) vs. iShares MSCI Hong Kong ETF (EWH)
China Life Insurance Co Business Overview & Revenue Model
China Life Insurance Co Earnings Call Summary
China Life Insurance Co Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 516.98B | 512.20B | 396.47B | 822.30B | 848.11B | 816.68B |
| Gross Profit | 515.20B | 510.40B | 394.74B | 66.12B | 85.99B | 56.08B |
| EBITDA | 221.69B | 120.24B | 57.00B | 33.84B | 60.88B | 62.94B |
| Net Income | 109.59B | 106.94B | 51.18B | 32.08B | 50.77B | 50.26B |
Balance Sheet | ||||||
| Total Assets | 7.29T | 6.77T | 5.89T | 5.25T | 4.89T | 4.25T |
| Cash, Cash Equivalents and Short-Term Investments | 120.93B | 86.52B | 2.41T | 1.87T | 1.49T | 1.27T |
| Total Debt | 36.97B | 49.27B | 48.97B | 49.34B | 55.86B | 57.21B |
| Total Liabilities | 6.76T | 6.25T | 5.42T | 4.81T | 4.40T | 3.80T |
| Stockholders Equity | 523.62B | 509.68B | 460.11B | 436.17B | 478.58B | 450.05B |
Cash Flow | ||||||
| Free Cash Flow | 329.56B | 374.82B | 384.06B | 348.89B | 280.97B | 296.56B |
| Operating Cash Flow | 300.44B | 378.80B | 388.23B | 351.97B | 286.45B | 304.02B |
| Investing Cash Flow | -449.35B | -354.62B | -428.10B | -164.96B | -393.73B | -292.80B |
| Financing Cash Flow | 81.58B | -86.76B | 60.27B | -120.09B | 111.14B | -7.76B |
China Life Insurance Co Technical Analysis
China Life Insurance Co Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | HK$260.73B | 6.13 | 34.37% | 5.24% | 49.90% | 203.77% | |
80 Outperform | HK$1.42T | 8.32 | 28.10% | 3.42% | 17.69% | 126.41% | |
79 Outperform | HK$459.78B | 6.69 | 18.41% | 3.28% | 15.08% | 23.13% | |
78 Outperform | HK$1.34T | 8.64 | 14.53% | 4.25% | 10.20% | 19.74% | |
78 Outperform | HK$426.79B | 6.14 | 17.99% | 3.05% | 9.40% | 79.93% | |
74 Outperform | HK$92.08B | 11.27 | 10.74% | 1.81% | 23.64% | 36.32% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
China Life Insurance Co Corporate Events
China Life Insurance Company Limited has announced that any unclaimed portion of its 2019 final dividend of RMB0.73 per share (equivalent to HK$0.79954) will be forfeited and revert to the company if not claimed by 25 March 2026, in line with its articles of association and relevant regulations. Eligible shareholders who have not yet received this dividend are urged to contact the company’s H share registrar in Hong Kong before the deadline, underscoring the importance for investors to verify and update their records to avoid losing entitlement to past distributions.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$38.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited plans to contribute RMB4 billion as a limited partner to a new RMB5.0515 billion investment partnership alongside Pudong Venture Capital, Guotou Leading and China Life Infrastructure, with Chuangzhi Herui acting as general partner and Lingzhiying Shanghai as special limited partner, and China Life Capital appointed as manager. The transaction, classified as a connected transaction under Hong Kong listing rules due to the involvement of China Life’s controlling shareholder CLIC and its subsidiaries, is subject only to reporting and announcement requirements, with management fees falling below disclosure thresholds, and the partnership agreements are expected to be executed by 30 June 2026, signaling an increased allocation to partnership-based investments within the group structure without requiring independent shareholder approval.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$39.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited plans to form a RMB8.5 billion investment partnership with affiliated entity China Life Qiyuan, in which China Life will act as the limited partner contributing RMB8.4915 billion, while China Life Qiyuan will serve as general and managing partner with a RMB8.5 million stake, and China Life Everbright Investment Management (CLEI) appointed as manager. Classified as a connected transaction under Hong Kong listing rules due to common control by China Life Insurance (Group) Company, the deal is subject only to reporting and announcement requirements—without independent shareholder approval—reflecting the insurer’s internal asset allocation strategy and long-term capital deployment over a 15-year partnership term, with a defined investment, operation and exit schedule funded from internal resources.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$39.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited has published an updated list of its board of directors and clarified the roles and committee memberships of each board member. Chairman and executive director Cai Xiliang leads a board comprising executive, non-executive and independent non-executive directors, with five specialized committees covering audit, nomination and remuneration, risk management and consumer rights protection, strategy and assets and liabilities management, and connected transactions control. The announcement underscores the company’s corporate governance framework and delineates oversight responsibilities, signaling continued emphasis on risk control, regulatory compliance, and board-level supervision of key strategic and financial functions.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$39.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited announced that non-executive director Wang Junhui has resigned from the board and from the Nomination and Remuneration Committee, effective 22 January 2026, while remaining chairman of its subsidiary China Life Pension Company Limited. To keep its board committees compliant and strengthen oversight, the company has reshuffled committee memberships, appointing director Hu Jin to the Nomination and Remuneration Committee and removing her from the Risk Management and Consumer Rights Protection Committee, and naming independent non-executive director Lu Feng to the Audit Committee, adjustments that refine governance structure but are not linked to any dispute and are aimed at enhancing committee effectiveness.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$39.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited has announced the election of Li Wei as an employee representative director to the company’s eighth board, following his selection at the fourth session of the employee representative meeting, with his appointment pending approval by the National Financial Regulatory Administration. Li, currently general manager of the Labour Union Work Department, brings extensive operational and overseas experience from roles spanning customer service, bancassurance, e-commerce, strategic marketing, and management positions at China Life Insurance (Overseas) and PT China Life Insurance Indonesia, and will receive remuneration according to his management role rather than a director’s fee, signaling the insurer’s continued emphasis on internally developed leadership and regulatory-compliant governance structures.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$32.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited reported that all resolutions proposed at its second extraordinary general meeting of 2025, held in Beijing on 30 December, were duly passed by independent shareholders. Due to shareholding structure, its parent China Life Insurance (Group) Company abstained from voting on the resolutions, leaving 31.63% of the company’s issued shares, held by independent investors, eligible to vote; of these, shares representing about 30.5% of total voting rights were present through onsite and online participation, and the meeting was conducted in accordance with PRC company and securities laws and the firm’s articles of association, reinforcing governance compliance and formal shareholder backing for the approved measures.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$32.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited has obtained approval from China’s National Financial Regulatory Administration for amendments to its Articles of Association that were previously passed at its September 2025 extraordinary general meeting. With the amendments now effective, the company has abolished its Board of Supervisors and transferred the supervisory functions and powers, as defined under PRC Company Law and regulatory rules, to the audit committee under the Board of Directors, marking a significant change in its corporate governance structure. All existing supervisors, including Cao Weiqing, Gu Haishan, Ye Yinglan and Dong Haifeng, have retired with no reported disagreements, and the company has expressed formal gratitude for their service, signaling an orderly transition that aligns oversight responsibilities more tightly with the board’s audit committee and may streamline governance processes for stakeholders.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$32.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited has detailed the terms of reference for its Board Audit Committee, reinforcing the committee’s role in overseeing financial reporting, disclosure quality, internal and external audit work, and the effectiveness of internal controls. Comprised of three to five non-executive directors, with independent directors forming the majority and an accounting professional as chair, the committee is empowered to review key financial and control reports, recommend the appointment or dismissal of external auditors and the head of finance, and exercise supervisory powers traditionally held by a board of supervisors, including inspecting financial affairs, supervising directors and senior management, and proposing or convening shareholder and board meetings when necessary. The framework underscores a stronger governance structure by requiring the Board to consider and respond to the Audit Committee’s opinions, and mandates public disclosure and explanation when the Board diverges from those recommendations, signaling an emphasis on transparency and investor protection.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$32.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited plans to renew its asset management relationship with its connected subsidiary, China Life Asset Management Company, by entering into a new 2026–2028 Asset Management Agreement effective from 1 January 2026, ensuring continued discretionary investment and management of assets the insurer entrusts to AMC. Under the renewed arrangement, China Life will retain ownership of the assets while AMC operates the related accounts within company-set investment guidelines, and the fee structure will continue to comprise fixed management fees based on product type and assets under management plus variable fees tied to performance. As the deal constitutes a continuing connected transaction due to the shareholding structure between China Life, its controlling shareholder CLIC, and AMC, it falls under Hong Kong Listing Rules as a related-party arrangement, triggering reporting, announcement and annual review requirements but exempting it from independent shareholders’ approval because the transaction size remains below the specified threshold.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$32.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited plans to further increase its capital contribution to an existing real estate investment partnership with China Life Properties, its connected-party general partner, by RMB5 billion by 31 December 2025. The injection, funded from internal resources, will lift the partnership’s total committed capital to RMB18.901 billion, nearly all of which will come from China Life Insurance, and is classified as a connected transaction subject only to reporting and announcement requirements under Hong Kong listing rules. The partnership focuses on equity investments in core real estate projects in first-tier and strong second-tier Chinese cities and has already taken a 49.895% stake in the company developing Project INDIGO II, a large flagship commercial complex in Beijing slated to open between 2026 and 2028; the additional funds are intended to support the ongoing construction and development of this asset, reinforcing China Life’s strategy of using high-quality, income-generating property to back its long-term insurance liabilities.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$32.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited announced that its gross written premiums have exceeded RMB700 billion as of November 30, 2025. This significant achievement reflects the company’s robust performance and its strong market position in the Chinese insurance industry, indicating positive implications for its stakeholders and future growth prospects.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$32.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited has announced the convening of its Second Extraordinary General Meeting in December 2025, where shareholders will consider resolutions related to investment and management agreements with its subsidiaries. The meeting’s outcomes could impact the company’s strategic investment initiatives and operational collaborations, potentially influencing its market positioning and stakeholder relationships.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$32.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Co has announced the renewal of its continuing connected transactions with AMP, a subsidiary of its associate company, under a new Framework Agreement set to be finalized by December 31, 2025. This agreement will allow CLI to continue its daily transactions with AMP, including the subscription and redemption of fund products and private asset management. The transactions are subject to specific reporting and approval requirements under the Hong Kong and SSE Listing Rules, given the significant cumulative transaction amount between the involved parties.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$31.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited has announced plans to enter a new agreement with its subsidiary, CLI, for the management of insurance fund investments. This agreement, effective from January 2026, will see CLI continue to manage assets on behalf of China Life, with the transactions categorized as continuing connected transactions under Hong Kong’s listing rules. The agreement requires independent shareholder approval due to the significant percentage ratios involved, and an extraordinary general meeting will be convened for this purpose. The new agreement aims to ensure compliance with regulatory requirements and enhance investment management services, potentially impacting the company’s operational efficiency and stakeholder interests.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$31.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited has reported significant financial growth in its 2025 third quarter report. The company’s total assets increased by 9.6% to RMB 7,417,981 million, and equity attributable to equity holders rose by 22.8%. Operating income saw a substantial rise of 54.8% for the quarter, with a net profit before income tax increasing by 114.3%. These results indicate a strong financial performance, reflecting positively on the company’s market position and potentially benefiting stakeholders.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$31.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited has released its solvency quarterly report for the third quarter of 2025, prepared under the guidelines of the National Financial Regulatory Administration. This report reflects the company’s adherence to regulatory standards and provides insights into its financial health, which is crucial for maintaining stakeholder confidence and ensuring continued operations within the competitive insurance market in China.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$31.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited has announced a connected transaction involving a significant capital contribution to an Equity Investment Plan established by China Life Industries. The company plans to invest RMB2,000,000,000, while China Life Industries will contribute RMB10,000,000. This investment is structured under an entrustment contract with CLI, and aims to subscribe to a limited partnership interest in the Partnership. The transaction is categorized as a connected transaction under the Listing Rules, subject to reporting and announcement requirements, but exempt from independent shareholders’ approval.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$31.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.
China Life Insurance Company Limited has announced the renewal of its framework agreement with AMP, allowing for continued daily transactions such as the subscription and redemption of fund products and private asset management. These transactions are classified as continuing connected transactions under Hong Kong’s Listing Rules, with specific exemptions from independent shareholder approval due to the applicable percentage ratios. This renewal is expected to maintain operational continuity and compliance with regulatory requirements, impacting the company’s financial dealings and strategic partnerships.
The most recent analyst rating on (HK:2628) stock is a Buy with a HK$31.00 price target. To see the full list of analyst forecasts on China Life Insurance Co stock, see the HK:2628 Stock Forecast page.