CIMB: China Life Insurance – ADD TP HK$15.40 (Previous HK$19.20)

Model adjustment

? We cut our FY21–23F EPS by 6.4-15.1%, driven by lower forecast premiums
and investment income.
? We now assume new business value (NBV) fell 22.3% in FY21F, and will
decline 14.4% in FY22F but rise by 6.1% in FY23F.
? Maintain Add rating, TP cut to HK$15.40 on lower FY21-23F EPS and NBV
estimates.