Glonghui, April 29 | Morgan Stanley released a report stating that the value of China Life Insurance's new business increased 26% year-on-year in the first quarter, slightly better than the forecast, benefiting from an improvement in the business portfolio. Net profit fell 25% year-on-year under comparable circumstances, yet the return on equity still reached 17%. The bank also said that in a low interest rate environment, management indicated that it should focus more on ultra-long-term bonds starting in 2018, accounting for more than 30% of its new investment assets. The asset and liability lifetime gap fell from 5.2 in 2021 to 4.7 in 2022, and fell to 4.4 years last year, better than other peers and allayed some investors' concerns. The bank continues to give China Life H shares an “plus” rating and a target price of HK$12.4.