SG#CLIFERC2612B.C (53213) News

State Taxation Administration: Taxation of offshore insurance proceeds is not a new policy; there is no need for overinterpretation.

Reports have indicated that insurance proceeds received by mainland tax residents from policies purchased in Hong Kong are subject to taxation. Citing a responsible official from the relevant department of the State Taxation Administration, Chinese state media clarified that, under the relevant provisions of the Individual Income Tax Law, Chinese tax residents are obligated to pay tax on their worldwide income, and insurance proceeds earned overseas fall within the scope of taxable income. This is not a new policy, nor is it specifically targeted at Hong Kong’s insurance market, and therefore should not be overinterpreted. The official further stated that it is standard international practice—and has been a fundamental principle upheld since the implementation of China’s Individual Income Tax Law—for individual residents to pay individual income tax on income derived from overseas sources, including insurance proceeds.

AASTOCKSAug 7 16:42

AIA Group Stock Climbs 1.4% in Hong Kong

Dow JonesAug 7 16:33

Kaiyuan Securities: Deposits shifting to the non-bank financial system, with notable increases in private equity funds and fund-of-funds (FOFs).

Valuations and institutional holdings in the non-bank financial sector remain at historical lows, and we are positive on the potential for above-market returns from securities firms and insurers in the second half of the year.

Zhitong FinanceAug 6 16:50

Hong Kong Insurer, Bank Stocks Fall After Report of China Tax on Offshore Products

WSJAug 6 15:15

Reports indicate China will impose a 20% tax on returns from offshore insurance policies.

According to Caixin, Chinese tax authorities have begun imposing a 20% personal income tax on gains from offshore insurance policies, closing a long-standing regulatory loophole. Financial services firms such as Prudential and AIA heavily rely on mainland Chinese visitors purchasing policies in Hong Kong. Citing tax lawyers and insurance industry insiders, the report states that authorities in Beijing and Hangzhou have already started enforcing measures to levy a 20% tax on returns from Hong Kong insurance policies, including dividend distributions and interest earned on prepaid premiums. Hong Kong is projected to be Prudential’s largest source of profit in 2025; in its annual results announced in March this year, the company attributed a 12% increase in new business profit from this financial hub to sales growth driven by both local clients and mainland Chinese visitors. At the time, Prudential expressed strong confidence in the sustainability of demand from mainland Chinese visitors. Jefferies noted that th

Gelonghui FinanceAug 5 21:36

Broker Ratings | JPMorgan: Potential upside surprises in interim dividends from Chinese insurers could reshape trading dynamics; Ping An is the top H-share pick

Gelonghui, August 3 | JPMorgan stated in a research report that Chinese insurance stocks have underperformed year-to-date, with persistent market skepticism over earnings quality, as profit growth has been largely driven by investment gains rather than core insurance operations. However, the bank expects the mid-year earnings season in mid-to-late August to serve as a potential turning point, with dividend guidance, capital deployment, and recovery in core earnings drawing more attention than overall profit growth. JPMorgan forecasts an average 15% year-over-year increase in interim dividends for the sector, with China Life’s interim dividend potentially rising by as much as 20%. The bank believes H-share insurers offer better risk-reward profiles than their A-share counterparts due to more attractive dividend yields, with Ping An as its top H-share pick, followed by

Gelonghui FinanceAug 3 13:16 · Ratings

JPMorgan: AIA (01299) likely saw a 15% year-on-year increase in new business value in the first half, with limited near-term catalysts.

Prior to the release of first-half 2026 earnings, a preference is given to Chinese insurers Ping An (02318) and China Life Insurance (02628), as their relative valuations and yields appear more attractive.

Zhitong FinanceAug 3 10:18

《Major Brokerage》JPMorgan: AIA (01299.HK) Expected to Report 15% YoY Growth in First-Half New Business Value; Limited Near-Term Catalysts

JPMorgan published a report noting that AIA (01299.HK) has slightly underperformed year-to-date, with its share price down 0.3% compared to a 0.9% gain in the Hang Seng Index. The stock currently trades at 1.1 times its 2027 estimated price-to-embedded-value ratio, implying a total shareholder return yield of approximately 4%. The bank expects robust first-half 2026 results, with new business value reaching USD 3.26 billion, up 15% year-over-year, and post-tax operating profit of USD 3.97 billion, an increase of 10% year-over-year. It also forecasts an interim dividend of HK$0.54 per share, up 10% year-over-year, supported by steady balance sheet expansion and double-digit growth in both life insurance sales and cash flows.

AASTOCKSJul 31 15:24

Express News | Baichuan Intelligence and China Life Reinsurance Company Limited Sign Strategic Cooperation Agreement

BreakingsJul 31 10:55

Global Equities Roundup: Market Talk

WSJJul 29 10:16

China Life Insurance Company has launched a green equity investment plan with a scale of nearly RMB 1.5 billion.

Gelonghui, July 29 | On July 29, China Life Insurance Group announced that its life insurance subsidiary has invested in Inner Mongolia Mengneng New Energy Co., Ltd., a new energy industrial platform under Inner Mongolia Energy Group Co., Ltd., through the 'China Life-Mengneng Green Equity Investment Plan' launched by China Life Asset Management Company. The total investment size of the equity investment plan is nearly RMB 1.5 billion, of which China Life Life Insurance Company has contributed RMB 1 billion in paid-in capital.

Gelonghui FinanceJul 29 08:39

Citi raised China Life Insurance (02628.HK) target price to HK$36.2 and reiterated its 'Buy' rating.

Citi published a research report forecasting that China Life Insurance Co., Ltd. (02628.HK) will see a 32% year-over-year increase in first-half new business value. Additionally, China Life previously issued a profit warning, expecting its first-half net profit to surge by 215% to 235% year-over-year, primarily driven by improved investment returns due to stronger capital market performance in the second quarter. The firm raised its 2026 fiscal year earnings per share forecast for China Life by 19% to reflect higher projected investment income, increased its H-share target price from HK$36 to HK$36.2, and reiterated its 'Buy' rating. Meanwhile, the A-share (601628.SH) target price was raised from RMB 40.8 to RMB 41.

AASTOCKSJul 28 12:04

Express News | China Life Insurance and others have established the Shenghe Xincheng Equity Investment Fund with a capital commitment of RMB 5 billion.

BreakingsJul 27 16:36

GTJA HK Stock Connect Holdings Analysis | July 27

Stock Connect Holdings Analysis | July 24, 2026

Zhitong FinanceJul 27 08:30

China Life Insurance Renews Insurance Sales Framework Contract

MT NewswiresJul 24 17:54

China Life Revamps Profit Distribution in Connected Investment Partnership

TipRanksJul 24 17:16

Are there still bottlenecks in insurance funds increasing their equity positions? Accelerated equity allocation is pressuring solvency ratios, prompting industry calls for further optimization of risk factors.

① 'Insurance funds certainly have the incentive to allocate assets—this is an inevitable choice under pressure,' noted an executive at an insurance asset management company. ② As the allocation ratio to equity investments rises, the required minimum capital increases, and combined with the potential impact of market volatility on net assets, maintaining solvency capital adequacy ratios poses certain challenges. ③ Industry participants have recommended further optimizing the risk factor calculations for equity assets.

cls.cnJul 24 16:38

China Life Insurance (02628.HK): Reduced stake in GigaDevice (603986.SH) based on investment portfolio allocation needs

China Life Insurance Co., Ltd. (02628.HK) disclosed on July 20 that eight of its single-asset management plans collectively sold approximately 1.1097 million shares of GigaDevice Semiconductor (603986.SH) on July 8, realizing proceeds of approximately RMB 682 million (hereinafter the same), at an average selling price per share ranging from RMB 611.46 to RMB 624.61. A senior executive responsible for the relevant business at China Life stated today (the 24th) that portfolio managers’ routine adjustments—either increasing or decreasing holdings of individual stocks in the secondary market—are standard investment practices conducted based on asset allocation requirements.

AASTOCKSJul 24 15:29

Zhongtai Securities Non-Bank Q2 Public Fund Allocation Analysis: Significant Reduction in Insurance Holdings, Modest Increase in Brokerage Allocations; Active Equity Funds Underweight Benchmark by RMB 172.8 Billion

Recently, growth-oriented sectors have pulled back from elevated levels, while rebalancing flows have provided support to low-valuation, high-dividend sectors.

Zhitong FinanceJul 24 07:25

AIA Group Stock Advances 2.2% in Hong Kong

Dow JonesJul 23 16:32