not vested
China Life Insurance (2628 HK / 601628 CH): <Results first take> [b]1H22 VNB down 13.8% y-o-y, better than expectation [HOLD, TP HK$13.00 / SELL, TP RMB11.40][/b]
China Life announced 1H22 result which posted net profits attributable to shareholders of Rmb 25.4bn, down 38% y-o-y, in-line with consensus. The net profit decline was primarily due to the decrease in investment income.
Value of new business (VNB) dropped 13.8% y-o-y which is better than expected.
Product mix saw continuous progress, first-year regular premiums of ten years or longer product up 4.4% y-o-y to Rmb 30bn, while premiums from new policies rose 4.1% to Rmb 139bn.
Investment income down 15.6% to Rmb 93bn with gross/net investment yield of 4.15%/4.21% in 1H22. The underperforming investment result was due to the volatility in equity market and 1H21 high base.
The insurer’s core and comprehensive solvency ratios were at 169.05% and 235.56% respectively, much higher than the regulatory requirement.
Source: DBS
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China Life 2628; ADR (LFC)
Re: China Life 2628; ADR (LFC)
by winston » Fri Aug 26, 2022 3:35 pm
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Re: China Life 2628; ADR (LFC)
by winston » Tue Jan 10, 2023 10:24 am
not vested
China Life Insurance (2628 HK / 601628 CH) - Easing headwinds in 2023
With increasing demand for protection and wealth management by China’s rising middle class, China Life is one of the key beneficiaries of this medium-term growth trend as a leading domestic life insurer with ~15-20% estimated market share.
The regulatory shift towards more long-term and protection product mix is positive for future margins but the transition to the new business model and transformation process led by new management may be bumpy amidst the current challenging operating environment hampered by concerns from volatile equity markets and impact on face-to-face sales recovery following the Covid-19 pandemic in China over the past few years.
Looking ahead, the re-opening should support a gradual recovery over the course of the year although demand for longer term protection products remain soft and will need time for consumer confidence to be rebuilt.
Dividend payout ratio as of end FY21 was 36%. BUY (2628 HK) / SELL (601628 CH).
Source: OCBC
China Life Insurance (2628 HK / 601628 CH) - Easing headwinds in 2023
With increasing demand for protection and wealth management by China’s rising middle class, China Life is one of the key beneficiaries of this medium-term growth trend as a leading domestic life insurer with ~15-20% estimated market share.
The regulatory shift towards more long-term and protection product mix is positive for future margins but the transition to the new business model and transformation process led by new management may be bumpy amidst the current challenging operating environment hampered by concerns from volatile equity markets and impact on face-to-face sales recovery following the Covid-19 pandemic in China over the past few years.
Looking ahead, the re-opening should support a gradual recovery over the course of the year although demand for longer term protection products remain soft and will need time for consumer confidence to be rebuilt.
Dividend payout ratio as of end FY21 was 36%. BUY (2628 HK) / SELL (601628 CH).
Source: OCBC
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Re: China Life 2628; ADR (LFC)
by winston » Thu Mar 30, 2023 2:16 pm
not vested
CHINA LIFE Expects Renewal Premiums to Further Drop This Yr, Return to Positive Growth in 2024
CHINA LIFE (02628.HK)'s renewal premiums eroded 3.7% on a YoY basis in 2022.
The group's president Zhao Peng anticipated that the renewal premiums will likely further decrease in 2023, before turning around to a positive growth in 2024 and driving the expansion of total premiums.
CHINA LIFE's vice president Liu Hui, on the other hand, mentioned that, at the moment, the group's overseas investments account for not more than 1.5% of its total investments and that the group is not directly exposed to the crisis surrounding Silicon Valley Bank (SVB) and Credit Suisse.
Related News: CLSA Rates CHINA LIFE (02628.HK) at Underperform on Weaker-than-expected Results
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... 256515/all
CHINA LIFE Expects Renewal Premiums to Further Drop This Yr, Return to Positive Growth in 2024
CHINA LIFE (02628.HK)'s renewal premiums eroded 3.7% on a YoY basis in 2022.
The group's president Zhao Peng anticipated that the renewal premiums will likely further decrease in 2023, before turning around to a positive growth in 2024 and driving the expansion of total premiums.
CHINA LIFE's vice president Liu Hui, on the other hand, mentioned that, at the moment, the group's overseas investments account for not more than 1.5% of its total investments and that the group is not directly exposed to the crisis surrounding Silicon Valley Bank (SVB) and Credit Suisse.
Related News: CLSA Rates CHINA LIFE (02628.HK) at Underperform on Weaker-than-expected Results
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... 256515/all
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Re: China Life 2628; ADR (LFC)
by winston » Thu Mar 30, 2023 2:21 pm
not vested
G Sachs Notes Misses in CHINA LIFE (02628.HK)'s 2022 Profit and Weak Investment Income
In a recent research report, Goldman Sachs noted that net profit of CHINA LIFE (02628.HK) fell 37% year-on-year to RMB32.1 billion in 2022, weaker than expectations of both the broker and market consensus.
4Q22 investment income also missed expectations and caused shareholders' equity to drop 4%.
The broker highlighted that although the net profit of CHINA LIFE was lower than expected, it plans to pay a full-year dividend of RMB0.49 per share, which is broadly in line with expectations, implying a dividend payout ratio of 43%, higher than its historical dividend payout ratio of about 35%.
Given that CHINA LIFE has maintained a stable dividend payout ratio, the broker would focus on management plans to structurally increase the dividend payout ratio.
Goldman Sachs gave a Buy rating on CHINA LIFE's H-shares and a target price of HKD16.
AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... 256481/all
G Sachs Notes Misses in CHINA LIFE (02628.HK)'s 2022 Profit and Weak Investment Income
In a recent research report, Goldman Sachs noted that net profit of CHINA LIFE (02628.HK) fell 37% year-on-year to RMB32.1 billion in 2022, weaker than expectations of both the broker and market consensus.
4Q22 investment income also missed expectations and caused shareholders' equity to drop 4%.
The broker highlighted that although the net profit of CHINA LIFE was lower than expected, it plans to pay a full-year dividend of RMB0.49 per share, which is broadly in line with expectations, implying a dividend payout ratio of 43%, higher than its historical dividend payout ratio of about 35%.
Given that CHINA LIFE has maintained a stable dividend payout ratio, the broker would focus on management plans to structurally increase the dividend payout ratio.
Goldman Sachs gave a Buy rating on CHINA LIFE's H-shares and a target price of HKD16.
AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... 256481/all
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Re: China Life 2628; ADR (LFC)
by winston » Thu Mar 30, 2023 2:24 pm
not vested
CLSA Rates CHINA LIFE (02628.HK) at Underperform on Weaker-than-expected Results
CHINA LIFE (02628.HK)'s 2022 results were considered to be weaker-than-consensus across various metrics, CLSA commented.
The new business value (NBV) of the group dropped 20% YoY, implying a deteriorating trend in 3Q22 and 4Q22.
The 2H22 embedded value also declined, with the DPS contracting by 25%.
Despite the higher-than-historical-average dividend payout ratio, the life business of the group will likely continue to face headwinds.
Related NewsC: HINA LIFE Annual Net Profit RMB32.082B, Down 36.8%; Final Div RMB49 Fen
CLSA rated CHINA LIFE at Underperform, with a target price of $12.4.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... 256476/all
CLSA Rates CHINA LIFE (02628.HK) at Underperform on Weaker-than-expected Results
CHINA LIFE (02628.HK)'s 2022 results were considered to be weaker-than-consensus across various metrics, CLSA commented.
The new business value (NBV) of the group dropped 20% YoY, implying a deteriorating trend in 3Q22 and 4Q22.
The 2H22 embedded value also declined, with the DPS contracting by 25%.
Despite the higher-than-historical-average dividend payout ratio, the life business of the group will likely continue to face headwinds.
Related NewsC: HINA LIFE Annual Net Profit RMB32.082B, Down 36.8%; Final Div RMB49 Fen
CLSA rated CHINA LIFE at Underperform, with a target price of $12.4.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... 256476/all
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Re: China Life 2628; ADR (LFC)
by winston » Mon Apr 03, 2023 10:24 am
not vested
Sacrificing 4Q22 for 1Q23F?
4Q22 NBV deteriorated compared to 3Q22. We think 4Q22’s NBV may have been adversely affected by a heavy focus on 1Q23F sales campaigns.
We think monthly premium growth could lag behind peers in mid-late-2023F due to slower renewal premium growth from maturing insurance policies.
Reiterate Add rating. TP cut 15% to HK$17.
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... 2F96F221D9
Sacrificing 4Q22 for 1Q23F?
4Q22 NBV deteriorated compared to 3Q22. We think 4Q22’s NBV may have been adversely affected by a heavy focus on 1Q23F sales campaigns.
We think monthly premium growth could lag behind peers in mid-late-2023F due to slower renewal premium growth from maturing insurance policies.
Reiterate Add rating. TP cut 15% to HK$17.
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... 2F96F221D9
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Re: China Life 2628; ADR (LFC)
by winston » Tue May 09, 2023 3:10 pm
not vested
CHINA LIFE(2628)
Analysis：
China Life Insurance (hereinafter referred to as "CL") is a leading enterprise in the domestic life insurance industry and the largest life insurance company in China.
It has the most extensive distribution network in China consisting of insurance marketers, group insurance salesmen and professional and part-time agencies.
It is a leading supplier of personal and group life insurance and annuity products, accident insurance and health insurance in China.
The controlling shareholder of China Life Insurance is CL Group, with a shareholding ratio of 68.37% and an H-share ratio of 25.92%.
The total shareholding of the top 10 shareholders exceeds 97%, and the equity is relatively concentrated and stable.
The controlling shareholder of CL Group is the Ministry of Finance of China, accounting for 90%, and the actual controller of CL is the Ministry of Finance.
As a super large financial central enterprise, CL has strong comprehensive strength and natural political advantages, which can firmly grasp development opportunities in serving national strategies.
In addition to its main business of personal insurance, CL also holds or participates in companies such as CL Asset Management, Property and Casualty Insurance, and Guangfa Bank, promoting collaborative development within the group.
Strategy：
Buy-in Price: $15.25, Target Price: $18.20, Cut Loss Price: $13.60
Source: Phillips
CHINA LIFE(2628)
Analysis：
China Life Insurance (hereinafter referred to as "CL") is a leading enterprise in the domestic life insurance industry and the largest life insurance company in China.
It has the most extensive distribution network in China consisting of insurance marketers, group insurance salesmen and professional and part-time agencies.
It is a leading supplier of personal and group life insurance and annuity products, accident insurance and health insurance in China.
The controlling shareholder of China Life Insurance is CL Group, with a shareholding ratio of 68.37% and an H-share ratio of 25.92%.
The total shareholding of the top 10 shareholders exceeds 97%, and the equity is relatively concentrated and stable.
The controlling shareholder of CL Group is the Ministry of Finance of China, accounting for 90%, and the actual controller of CL is the Ministry of Finance.
As a super large financial central enterprise, CL has strong comprehensive strength and natural political advantages, which can firmly grasp development opportunities in serving national strategies.
In addition to its main business of personal insurance, CL also holds or participates in companies such as CL Asset Management, Property and Casualty Insurance, and Guangfa Bank, promoting collaborative development within the group.
Strategy：
Buy-in Price: $15.25, Target Price: $18.20, Cut Loss Price: $13.60
Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: China Life 2628; ADR (LFC)
by winston » Tue Aug 29, 2023 10:33 am
not vested
China Life Insurance (2628 HK / 601628 CH) - Solid VNB and agent productivity growth offset by lower investment returns
We expect China Life to be a key beneficiary of the medium-term growth trend of increasing demand for protection and wealth management by China’s rising middle class, given that it is a leading domestic life insurer with ~15-20% estimated market share.
The regulatory shift towards more long-term and protection product mix is positive for future margins but the transition to the new business model and transformation process led by new management may be bumpy amidst the current challenging operating environment hampered by volatile equity market conditions and impact on face-to-face sales recovery following the Covid-19 pandemic in China over the past few years.
Looking ahead, the reopening should support a gradual recovery over the course of the year although demand for longer-term protection products remains soft and will need time for consumer confidence to be rebuilt. BUY (2628 HK) / SELL (601628 CH).
Source: OCBC
China Life Insurance (2628 HK / 601628 CH) - Solid VNB and agent productivity growth offset by lower investment returns
We expect China Life to be a key beneficiary of the medium-term growth trend of increasing demand for protection and wealth management by China’s rising middle class, given that it is a leading domestic life insurer with ~15-20% estimated market share.
The regulatory shift towards more long-term and protection product mix is positive for future margins but the transition to the new business model and transformation process led by new management may be bumpy amidst the current challenging operating environment hampered by volatile equity market conditions and impact on face-to-face sales recovery following the Covid-19 pandemic in China over the past few years.
Looking ahead, the reopening should support a gradual recovery over the course of the year although demand for longer-term protection products remains soft and will need time for consumer confidence to be rebuilt. BUY (2628 HK) / SELL (601628 CH).
Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: China Life 2628; ADR (LFC)
by winston » Fri Oct 27, 2023 7:39 am
not vested
CHINA LIFE (02628.HK) 3Q23 NP RMB53M, Down 99% YoY
CHINA LIFE (02628.HK) announced a net profit of RMB53 million for the third quarter ended September, down 99.1% YoY, according to China Accounting Standards.
Operating revenue amounted to RMB155.738 billion, down 9.8% YoY.
Dividend History
Announce Date Event Particular
2023/08/23 Interim No Dividend
2023/04/27 Quarter 1 No Dividend
2023/03/29 Final D:RMB 0.4900(equivalent to HKD 0.53321)
2022/10/27 Quarter 3 No Dividend
Net profit for the first three quarters amounted to RMB16.209 billion, down 47.8% YoY, due to the impact of the equity market staying at the low level and the decline in investment income.
Operating revenue was RMB709.333 billion, up 1.2% YoY.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
CHINA LIFE (02628.HK) 3Q23 NP RMB53M, Down 99% YoY
CHINA LIFE (02628.HK) announced a net profit of RMB53 million for the third quarter ended September, down 99.1% YoY, according to China Accounting Standards.
Operating revenue amounted to RMB155.738 billion, down 9.8% YoY.
Dividend History
Announce Date Event Particular
2023/08/23 Interim No Dividend
2023/04/27 Quarter 1 No Dividend
2023/03/29 Final D:RMB 0.4900(equivalent to HKD 0.53321)
2022/10/27 Quarter 3 No Dividend
Net profit for the first three quarters amounted to RMB16.209 billion, down 47.8% YoY, due to the impact of the equity market staying at the low level and the decline in investment income.
Operating revenue was RMB709.333 billion, up 1.2% YoY.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
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Re: China Life 2628; ADR (LFC)
by winston » Fri Oct 27, 2023 1:56 pm
not vested
Broker│Opinion
Daiwa│Net profit dragged down by declining equity portfolio
UBS│Slightly weaker than expected quarterly results, limited impact of tightened regulation
Morgan Stanley│Earnings pressure persists
JPMorgan│Significant pressure on quarterly earnings offset positive life insurance growth momentum
Citi│Modest quarterly results as expected, targeting NBV growth and productivity improvement next year
Nomura│NBV in line with expectations, net profit lower than expected
Goldman Sachs│Weak investment results weighed on earnings
Bank of America Securities│VNBV declined as expected, earnings performance weaker than expected
HSBC Global Research│Limited visibility
Jefferies│Missing profit due to poor investment performance
Related News- G Sachs Revises Down CHINA LIFE (02628.HK) TP to $14.5; Last Q Earnings Miss
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
Broker│Opinion
Daiwa│Net profit dragged down by declining equity portfolio
UBS│Slightly weaker than expected quarterly results, limited impact of tightened regulation
Morgan Stanley│Earnings pressure persists
JPMorgan│Significant pressure on quarterly earnings offset positive life insurance growth momentum
Citi│Modest quarterly results as expected, targeting NBV growth and productivity improvement next year
Nomura│NBV in line with expectations, net profit lower than expected
Goldman Sachs│Weak investment results weighed on earnings
Bank of America Securities│VNBV declined as expected, earnings performance weaker than expected
HSBC Global Research│Limited visibility
Jefferies│Missing profit due to poor investment performance
Related News- G Sachs Revises Down CHINA LIFE (02628.HK) TP to $14.5; Last Q Earnings Miss
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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