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HSBC trims China Life (02628) to HK$26
 HSBC Global Research trimmed its target price for 
China Life Insurance (02628) to HK$26 from HK$28, and reiterated its "hold" rating.
  The research house said China Life's EV of RMB734bn implies 13% 2017 growth. But NBV of
RMB60.1bn (implying 22% 2017 growth) was 2% below HSBC's expectations. Its 2H agency 
margin improvement was not as significant as historically, which HSBC believes is due to a
higher proportion of lower margin savings products.
  Management has been building a "Technology driven China Life" since 2015. It now has a 
customer centric business processing system as well as platforms to support customer 
requirements and manage its salesforce, HSBC noted.

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