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02628 CHINA LIFE
RTNominal up9.390 +0.460 (+5.151%)
Research Report

06/12/2019 09:34

{I-bank focus}Morgan raises China Life (02628) to HK$23

[ET Net News Agency, 6 December 2019] Morgan Stanley raised its target price for China
Life Insurance (02628) to HK$23 from HK$22 and maintained its "equal-weight" rating.
The research house said China Life's share price performed strongly in 2019, with its
H-shares up 20% year-to-date versus 6% on average for the industry (H-share insurers) on a
substantial growth recovery - the company is on track to report >15% VNB (value of new
business) growth and >400% earnings growth for 2019, one of the highest amongst listed
peers, partially due to a low base in 2018.
Management is guiding for continued double-digit VNB growth for 2020, driven by
continued margin improvement and sales force expansion. If achieved, this could further
lift market confidence in its execution and lead to further rerating in 2020. (KL)

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