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02628 CHINA LIFE
RTNominal down15.760 -0.040 (-0.253%)
Others

28/01/2021 14:31

{I-bank focus}BOCI lifts China Life (02628) to HK$23.3

[ET Net News Agency, 28 January 2021] BOCI Research lifted its target price for China
Life (02628) to HK$23.3 from HK$21.6 due to recent RMB appreciation and maintained its
"buy" rating.
The research house expects the 4Q 2020 first-year premium (FYP) growth (including
premiums of short-term insurance business) to be mild at 7.4% for China Life, while the
new business value (NBV) margin is expected to marginally fall, which brings the FY2020
NBV growth to 1.8%.
China Life is expected to see fewer downside risks on NBV margins in the increasingly
intense competition of the 2021 jumpstart campaign, due to its consistent strategy across
years. China Life's FYP growth is also expected to be mild in FY2021.
BOCI expects China Life's NBV margins to gradually improve, which will lead to the NBV
growth of 14%/15%/15% over FY2021-23 respectively. (KL)

Remark: Real time quote last updated: 13/04/2021 17:59
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