Goldman Sachs: China Life (02628.HK) is expected to increase its full-year dividend by 23% compared to last year, exceeding expectations, and maintains a "neutral" rating.

The app of Wisdom Securities and Finance learned that Goldman Sachs released a research report stating that based on the third quarter performance of China Life Insurance (02628.HK), it adjusted its future profit forecast. It pointed out that investment income in the last quarter exceeded expectations, accordingly raising the full-year net profit forecast by 69%, and increasing the first year premium forecast for 2025 to 2027 by 7% to reflect the improvement in bank insurance sales channels in the third quarter and the positive outlook for 2026 by management. Due to the expansion of the investment portfolio and the increase in premium inflows, the bank also raised the net profit forecast for China Life in 2026 and 2027 by 7%, increased the book value forecast for 2025 to 2027 by 5% to 7%, and raised the dividend per share forecast by 10%, with this year's dividend forecast expected to grow by 23% year-on-year, higher than the previously predicted 12% growth. The target price was raised from 22.5 Hong Kong dollars to 24.5 Hong Kong dollars, maintaining a "neutral" rating.