China Life Insurance Co Ltd Class A

601628: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥12.00	Sdns	Bmqxlmzt

China Life: Briefing Affirms Focus on Shareholder Returns; Positive but No Change to Valuation

Iris Tan

May 10, 2023

We retain our China Life earnings forecast and fair value estimates at HKD 20 for the H-shares, and CNY 19 for the A-shares, following the insurer’s briefing on the impact of the new accounting standards. We think the key messages confirm our expectations. China Life’s H-shares are trading at an attractive 0.3 times 2023 price/embedded value ratio versus 0.8 times for A-shares. We would buy the H-shares over the A-shares.

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