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Dongwu Securities maintains a "Buy" rating for China Life Insurance; Q4 investment short-term fluctuations do not affect long-term value.
Ruicai Finance Yan Minghui Recently, Dongwu Securities research report pointed out that China Life’s 25-year net profit and NBV both show high growth, and Q4 investment short-term fluctuations do not affect long-term value.
In 2025, net profit attributable to the parent company is expected to reach 154.1 billion yuan, a year-on-year increase of 44.1%. In Q4, there was a loss of 13.7 billion yuan, compared to a profit of 2.4 billion yuan in the same period of 2024, mainly due to short-term investment fluctuations. In Q4 2025, total investment income plus fair value changes (both on a consolidated basis) was -11.7 billion yuan, while in Q4 2024 it was 16.1 billion yuan. The company believes this was mainly caused by short-term unrealized losses from growth sectors, which are expected to improve significantly by Q1 2026.
We continue to be optimistic about the company’s competitive advantages as an industry leader. Currently, the market capitalization of A-shares and H-shares corresponds to 0.7x and 0.4x 2026E P/E, and 1.7x and 1.0x P/B, respectively, maintaining a “Buy” rating.
Related companies: Dongwu Securities (SH: 601555), China Life (HK: 02628)