China Life Insurance (2628.HK): Takeaways: 3Q26E NP Hit by Tech Stocks' Pullback and Accounting Rules; Striving for Steady 1Q27E NBV Despite High Base

We hosted China Life's 3Q26 pre-blackout call, with key takeaways as follows. Management noted China Life would strive for double-digit NBV growth in FY26E and a steady 1Q27E NBV despite a high base and potentially more intense competition in jump start; product strategy would be broadly similar, with focus shifting from 3-year to 10-year regular premium products. 3Q26E margins were broadly stable yoy, but sales volumes plunged in Jul-Aug affected by the new banca rule and high base, while Sep26 saw notable growth recovery. Banca demand remains structurally robust as customers allocate away from low-rate or high-volatility products and bank partners are incentivized to expand fee income. OPAT growth moderated slightly in 9M26E affected by VFA contracts;