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02628 CHINA LIFE
RTNominal down17.000 -0.040 (-0.235%)
Others

29/10/2020 13:57

{I-bank focus}HSBC lifts China Life (02628) to HK$20.2

[ET Net News Agency, 29 October 2020] HSBC Global Research lifted its target price for
China Life Insurance (02628) to HK$20.2 from HK$19.5 driven by the appreciation of the
RMB/HKD and maintained its "hold" rating.
The research house noted key takeaways from the analyst call of 3Q results: (1) No
additional NBV growth guidance was given; (2) management believes the reasons for new
business weakness in 3Q is similar to peers; (3) management focussed on strengthening the
agency force and preparing for the 2021 Jumpstart campaign during 3Q; (4) agent numbers
fell with some leaving as anticipated pent-up new business demand did not materialise
and others due to restructuring; (5) Ant Group investment is being held as available for
sale so any gains will not flow through the P&L unless realized; and (6) the next step in
China Life's revitalization strategy is likely to involve setting up share service centers
in 2021 to support sales, risk management and technology development. (KL)

Remark: Real time quote last updated: 27/01/2021 17:59
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