China Life Insurance Company Limited

HK$25.18As of Sun 8 Nov 2026, 12:00 UTC

HKEX:2628Financials

Country Hong Kong

PE (Fwd) •••

TSR 10Y CAGR 6.57%

Div yield 4.47%

ROE 11.97%

Insurance (Life)

Beta (5Y) 0.90

PE TTM 8.051

TSR TTM 7.04%

Mkt cap HK$1.055T

Combined —

SE Grade™

Value

Quality

Moat

Consensus

Reference

$25

0.34%

(67.13%)

Hold 12|1|7|9|10

TTM

FYE 31 Dec CNY

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

81.89

Revenue¥B

95.72

99.88

107.8

115.6

124.5

132.3

138.3

145.8

153.0

163.3

87.34

5.58%

6.23%

14.06

Revenue growth%

23.52

22.18

22.08

19.51

18.10

20.25

22.11

23.22

23.23

22.64

14.71

22.64

22.14

22.26

Combined R.%

80.12

78.99

79.62

79.04

78.15

78.60

79.20

79.49

81.24

78.68

28.06

79.20

79.12

7.93

Operating margin%

22.71

20.22

21.94

21.76

20.88

23.55

20.65

20.35

22.25

22.39

28.33

22.25

21.85

28.35

Net margin%

27.34

25.99

25.88

24.38

25.44

26.07

26.22

28.23

27.23

26.09

22.28

26.22

26.08

8.355

P/E ratio (avg)x

27.16

26.32

29.09

28.50

30.05

35.17

34.57

34.49

40.00

44.83

18.24

35.17

32.27

33.76

P/TBVx

26.42

24.98

26.16

23.88

26.02

27.03

28.22

26.79

26.63

23.74

34.59

26.79

26.29

30.25

P/Bx

22.87

23.81

23.85

26.72

26.52

26.50

30.46

29.17

28.14

29.68

32.28

29.17

26.62

13.40

Prem. grth%

15.90

13.49

16.38

18.38

17.37

14.71

16.49

16.78

17.27

17.80

29.28

16.78

16.64

10.51

Invest. yld%

16.18

13.76

10.79

8.58

7.90

7.43

5.39

7.57

5.86

6.04

26.83

6.04

7.73

20.15

BVPS grth%

7.75

7.94

7.59

4.89

7.50

10.27

11.36

11.98

8.99

6.70

17.73

10.27

7.84

5.74

Return on equity%

14.51

14.67

17.59

18.58

16.91

19.51

20.17

20.40

18.22

20.00

14.75

20.00

18.40

8.77

Return on assets%

3.64

2.58

0.91

0.40

2.09

4.58

1.78

14.72

1.78

1.34

0.74

EPS¥

2.71

2.40

2.30

2.51

2.67

2.83

2.99

2.91

2.64

2.68

0.76

0.07%

0.06%

—

21.07

EPS growth%

10.87

10.31

7.93

10.10

7.46

10.33

12.97

14.23

16.59

14.06

28.37

14.06

10.60

2.88

Bookvalue per sh¥

1.43

1.39

1.52

1.47

1.64

1.88

1.81

2.10

2.08

2.24

0.62

6.39%

4.08%

—

2.70

TBV/sh¥

1.73

1.75

1.60

1.73

1.92

2.13

2.02

2.23

2.04

2.23

2.31

3.07%

3.74%

—

1.64

Dividend per sh¥

2.91

3.14

3.39

3.46

3.42

3.79

4.43

5.07

5.62

6.57

2.04

13.93%

10.06%

—

22.79

Div yield (avg)%

12.65

14.31

14.67

15.67

17.77

20.73

23.14

25.72

22.77

20.11

9.58

22.77

18.94

18.78

Payout ratio%

6.58

6.81

7.72

5.54

6.31

4.64

6.18

4.86

5.78

6.53

29.56

5.78

6.25

40.74

Shares (diluted)B

47.67

48.15

55.09

53.06

61.48

61.13

68.31

68.24

79.59

82.54

41.61

6.07%

6.28%

27.66

Buyback yield%

17.82

19.47

17.02

18.72

18.68

16.49

18.57

21.57

19.92

22.24

28.40

19.92

18.70

1.604

D/E ratiox

0.764

0.805

0.832

0.765

0.761

0.790

0.820

0.900

0.922

1.017

0.350

0.900

0.813

140.3

Assets¥B

103.4

112.8

121.8

129.2

146.7

163.4

172.5

184.5

202.8

217.3

36.58

8.17%

8.76%

27.93

LT debt¥B

37.70

40.15

45.92

46.30

44.61

49.10

58.55

68.14

77.15

88.50

31.45

14.68%

8.51%

Peers (US$134.6B)

Cap (US$)

Ping An Insurance…

137.6B

10.78x

China Pacific Insuranc…

42.56B

7.338x

New China Life…

21.63B

6.356x

AIA Group Limited

103.1B

13.09x

Capital

TTM

10Y

Leveragex

1.309

(0.148)

(0.130)

EBIT/Intx

1.531

0.197

0.204

Own earn%

—

Sh yield%

50.45

42.35

36.83

Owners

Insiders/Inst%

8.80

41.21

Short interest%

3.21

SBC / revenue%

5.81

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

20–24

$1 testx

—

Incr. ROIC%

—

China Life Insurance Company Limited, together with its subsidiaries, operates as a life insurance company in the People's Republic of China, offering life, annuity, health, and accident insurance products to individuals and groups. The company operates through Life Insurance Business, Health Insurance Business, Accident Insurance Business, and Other Businesses segments, and is a subsidiary of China Life Insurance (Group) Company.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

¥163.3B

6.23%

1.00×

Claims and benefits

¥77.67B

6.43%

1.02×

Total costs

¥119.4B

6.24%

1.00×