China Life Earnings: New Business Value Growth Beats Peers, Better Dividend Visibility
China Life's nine-month net profit fell 47% year on year, hit by a high base and an A-share correction that exposed its heavy equity allocation.
China Life Insurance Co Ltd Class H 02628
Bulls Say, Bears Say
Bulls
We have seen strong demand for bancassurance products continue even after three rounds of pricing rate cuts since 2023, owing to the falling yield level of bank wealth management products.
Bears
China Life's historical growth in embedded value and new business value is lower than peers' as its product mix tilts toward short-term savings-type insurance products with low profitability.
News
Trading Information
- Previous Close Price
- HK$25.18
- Day Range
- HK$24.76–25.40
- 52-Week Range
- HK$22.24–36.16
- Bid/Ask
- HK$24.76 / HK$24.78
- Shares Outstanding
- 28.26B
- Market Cap
- HK$700.40B
- Volume/Avg
- 33M / 51M
Key Statistics
- Price/Earnings (Normalized)
- 2.54
- Price/Sales
- 1.43
- Dividend Yield (Trailing)
- 4.55%
- Dividend Yield (Forward)
- 4.55%
- Dividend Payment Schedule
- Aug, Nov
- Total Yield
- 4.55%
Company Profile
As the largest life insurance company in China, China Life commands about 16% market share by end-2025. The firm offers group and individual life insurance through exclusive agents, bancassurance, and other marketing platforms. While the bulk of profits stem from life insurance policies, additional operations include short-term policies such as accident and health insurance. The company is focusing on building a senior-care ecosystem and reforming a new agent team for long-term growth.
- Sector
- Financial Services
- Industry
- Insurance - Life
- Stock Style Box
- Large Value
- Total Number of Employees
- 97,505
- Website
- https://www.e-chinalife.com
Competitors
Valuation
Metric | 02628 | 601318 | 01299 |
|---|---|---|---|
Price/Earnings (Normalized) | 2.54 | 7.09 | 12.74 |
Price/Book Value | 0.92 | 0.95 | 2.51 |
Price/Sales | 1.43 | 1.29 | 2.18 |
Price/Cash Flow | 1.36 | 1.20 | — |
Price/Earnings
02628
601318
01299
Financial Strength
Metric | 02628 | 601318 | 01299 |
|---|---|---|---|
Quick Ratio | — | — | — |
Current Ratio | — | — | — |
Interest Coverage | — | 0.83 | 15.25 |
Quick Ratio
No chart available
Profitability
Metric | 02628 | 601318 | 01299 |
|---|---|---|---|
Return on Assets (Normalized) | 0.97% | 0.29% | 2.35% |
Return on Equity (Normalized) | 12.10% | 4.02% | 19.29% |
Return on Invested Capital (Normalized) | 8.30% | −0.84% | 13.90% |
Return on Assets
02628
601318
01299
Insurance - Life Industry Comparables
1-Day Chart | Name | Price | Morningstar Rating for Stocks | Capital Allocation | Economic Moat | Market Cap |
|---|---|---|---|---|---|---|
| Ping An Insurance (Group) Co. of China Ltd ADR PNGAY | — | LOCK|#$ | $137B | |||
| Ping An Insurance (Group) Co. of China Ltd Class H PIAIF | LOCK|%<Zkr?S | LOCK|&$! | $137B | |||
| China Life Insurance Co Ltd Class H CILJF | — | LOCK|%tz | $134B | |||
| AIA Group Ltd ADR AAGIY | — | LOCK|WBZ | $103B | |||
| AIA Group Ltd AAIGF | — | LOCK|#j | $103B | |||
| Manulife Financial Corp MFC | LOCK|M@qtR^^ | LOCK|zD | $72B | |||
| MetLife Inc MET | LOCK|?N%djr | LOCK|sl | $62B | |||
| Aflac Inc AFL | LOCK|N&GkDK | LOCK|XK?j> | $61B | |||
| Prudential Financial Inc PRU | LOCK|cZ?mr!! | LOCK|SR | $41B | |||
| Prudential PLC ADR PUK | LOCK|^rvv!Tt | LOCK|Jj | $30B |
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