China Life(601628) 华创证券·2024-10-31 07:50Investment Rating - The report maintains a "Recommended" rating for China Life Insurance (601628) [1] Core Views - The company achieved a significant increase in net profit, reaching CNY 104.52 billion for the first three quarters of 2024, representing a year-on-year growth of 173.9% [1] - The new business value (NBV) increased by 25.1% compared to the same period in 2023, supported by a slight increase in new policies and improved value rates [1] - The company’s total investment assets reached CNY 6.36 trillion, with net and total investment returns of 3.26% and 5.38%, respectively, showing a mixed performance compared to the previous year [1] Financial Performance Summary - For the first three quarters of 2024, the company reported total premiums of CNY 608.25 billion, a year-on-year increase of 5.1%, with new policy growth turning positive at 0.4% [1] - The company’s investment income was significantly boosted by a rebound in the equity market, leading to a notable increase in total investment returns [1] - The report forecasts earnings per share (EPS) for 2024-2026 at CNY 3.86, CNY 3.17, and CNY 3.19, respectively, with a target price of CNY 53.96 for 2025 [1][2]