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China's largest state-owned life insurer, selling life, health and annuity policies through a huge agent and bank network.
China's largest state-owned life insurer, selling life, health and annuity policies through a huge agent and bank network.
Collects premiums on long-term life, health and annuity policies sold mainly through its own agents and through bank counters, then invests the money, so investment returns matter as much as the policies. The state-owned China Life Insurance (Group) controls it. These Hong Kong shares and the Shanghai ones are the same company.
Moat: narrow (scale, distribution, brand). Largest tied-agent and bancassurance network in China plus state backing, though margins are thin.
Headquarters: Beijing, China · Founded: 1949 · Employees: 97,505
Size China Life (2628.HK) is a Hong Kong Financials company (Multi-Line Insurance) with a market value of $134B, the 14th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$25.18 on 6 Nov 2026.
Performance Over six months the shares fell 17.1%, against +14.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 38.2% over the last twelve months (peer median +10.3%); the operating margin is 49.8% (peer median 20.0%).
Valuation It trades at 0.93× book value against a peer median of 2.15× (3rd cheapest of 21).
Price implies The share price implies a return on equity of about 10.0%; China Life delivers 41.3%, so the price asks less than the business earns today.
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$671B | HK$588B | HK$432B | HK$408B | HK$462B |
| Revenue growth | — | +36% | +6% | -12% | — |
| Net income | HK$277B | HK$167B | HK$116B | HK$51.0B | HK$77.5B |
| Free cash flow | n/a | HK$704B | HK$607B | HK$614B | HK$594B |
| Capital expenditure | HK$0 | HK$0 | HK$0 | HK$0 | HK$3.58B |
| Total debt | n/a | HK$409B | HK$212B | HK$293B | HK$221B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| China Life 2628.HK | $134B | -17% | +38% | 41% | 0.93× | 10.0% |
| Ping An 2318.HK | $138B | -17% | -8% | 10% | 0.79× | 9.7% |
| China Pacific Insurance (Group) 2601.HK | $42.5B | -22% | +9% | 14% | 0.69× | 8.4% |
| New China Life Insurance 1336.HK | $21.5B | -24% | +44% | 42% | 0.87× | 10.3% |
| AIA 1299.HK | $104B | -10% | +13% | 20% | 2.53× | 18.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2628.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.6% | +3.4% | lowest of 21 |
| 6-month return | -17.1% | +14.5% | lowest of 21 |
| Return on equity | 41.3% | 16.3% | 2nd highest of 21 |
| Price / book | 0.93× | 2.15× | 3rd cheapest of 21 |
| Trailing P/E | 2.6× | 12.7× | cheapest of 21 |
| ROE the price implies | 10.0% | 11.8% | 10th least demanding of 21 |
| ROE delivered | 41.3% | 16.6% | 2nd highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| China Life 2628.HK | Hong Kong | $134B | -17% | +38% | 41% | 0.93× | 10.0% | 41.3% |
| China Life Insurance 601628.SS | China | $135B | -3% | +16% | 12% | 1.54× | 13.1% | 11.9% |
| Ping An Insurance (Group) Company of China 601318.SS | China | $136B | -8% | +12% | 14% | 0.96× | 7.4% | n/a |
| Progressive PGR | United States | $132B | +17% | +8% | 33% | 3.82× | 15.8% | 33.2% |
| Ping An 2318.HK | Hong Kong | $138B | -17% | -8% | 10% | 0.79× | 9.7% | 9.8% |
| Zurich Insurance ZURN.SW | Switzerland | $114B | +16% | +19% | 26% | 3.67× | 11.2% | 25.5% |
| AIA 1299.HK | Hong Kong | $104B | -10% | +13% | 20% | 2.53× | 18.4% | 19.6% |
| Axa CS.PA | France | $103B | +13% | +11% | 19% | 2.24× | 17.8% | 19.0% |
| Allianz ALV.DE | Germany | $192B | +19% | +21% | 21% | 2.98× | 16.0% | 21.1% |
| Allstate ALL | United States | $64.4B | +20% | +6% | 46% | 2.04× | 9.9% | 46.1% |
| Fubon Financial Hldg 2881.TW | Taiwan | $62.7B | +66% | +12% | 16% | 1.66× | 7.4% | 16.0% |
| MetLife MET | United States | $62.4B | +27% | +9% | 13% | 2.28× | 16.2% | 13.2% |
| Aflac AFL | United States | $62.2B | +10% | +14% | 17% | 2.06× | 12.5% | 16.9% |
| Great-West Lifeco GWO.TO | Canada | $57.4B | +18% | +4% | 16% | 3.02× | 15.7% | 16.0% |
| Swiss Re SREN.SW | Switzerland | $50.6B | +27% | -12% | 20% | 2.27× | 6.1% | 20.4% |
| People's Insurance Co. (Group) of China 1339.HK | Hong Kong | $46.1B | -2% | +11% | 18% | 0.60× | 5.6% | 18.1% |
| Ms&ad Ins Gp Hldgs 8725.T | Japan | $44.4B | +22% | +21% | 17% | 1.07× | 6.9% | 16.6% |
| China Pacific Insurance (Group) 601601.SS | China | $42.6B | -14% | +4% | 14% | 0.93× | 8.2% | 14.4% |
| Power Corporation of Canada POW.TO | Canada | $40.7B | +16% | +10% | 11% | 2.42× | 15.9% | 11.0% |
| American International AIG | United States | $40.7B | +2% | +1% | 8% | 1.04× | 7.5% | 8.2% |
| Sun Life Financial SLF.TO | Canada | $40.1B | +7% | -1% | 13% | 2.38× | 13.7% | 13.5% |