As the largest and oldest state-owned life insurer, China Life Insurance enjoys a reputable brand, giving it a leg up in sales of commodity-like insurance products. We think China Life is well-positioned for ongoing urbanization and the government’s increasing efforts to boost rural residents’ welfare. The large scale and strong foothold in underpenetrated rural markets translate to low administration expense for China Life.
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.
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.
|
Metric
|
601628
|
601318
|
01299
|
|---|---|---|---|
Price/Earnings (Normalized) | 4.13 | 6.26 | 11.56 |
Price/Book Value | 1.54 | 0.93 | 2.28 |
Price/Sales | 1.28 | 1.00 | 1.98 |
Price/Cash Flow | 2.31 | 1.46 | — |
|
Metric
|
601628
|
601318
|
01299
|
|---|---|---|---|
Quick Ratio | — | — | — |
Current Ratio | — | — | — |
Interest Coverage | — | 4.89 | 15.25 |
|
Metric
|
601628
|
601318
|
01299
|
|---|---|---|---|
Return on Assets (Normalized) | 3.32% | 1.33% | 2.35% |
Return on Equity (Normalized) | 42.76% | 18.71% | 19.29% |
Return on Invested Capital (Normalized) | 28.25% | 1.17% | 13.90% |
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
| China Life Insurance Co Ltd Class H
CILJF
| — | LOCK|>K | $137B | |||
| Ping An Insurance (Group) Co. of China Ltd Class H
PIAIF
| LOCK|Dj!$q@ | LOCK|?! | $133B | |||
| Ping An Insurance (Group) Co. of China Ltd ADR
PNGAY
| — | LOCK|p%j | $133B | |||
| AIA Group Ltd ADR
AAGIY
| — | LOCK|Wn% | $94B | |||
| AIA Group Ltd
AAIGF
| — | LOCK|$Lw | $94B | |||
| Manulife Financial Corp
MFC
| LOCK|&Qh#L@ | LOCK|%% | $70B | |||
| MetLife Inc
MET
| LOCK|>zR$dY$ | LOCK|#!r | $62B | |||
| Aflac Inc
AFL
| LOCK|Wdm^Wbj | LOCK|jN>^r | $57B | |||
| Prudential Financial Inc
PRU
| LOCK|#@XNYJl | LOCK|c@$ | $39B | |||
| Prudential PLC ADR
PUK
| LOCK|wB!GC@$< | LOCK|&#& | $29B |
United States