J P M O R G A N Asia Pacific Equity Research 16 July 2026 AMP Limited 1H26 early NPAT release suggests China Life is seeing incredible growth AMP provided very strong underlying NPAT early guidance for 1H26 of $170 - $180m (JPMF was at $136m). Much of the upside vs our forecast appears to be related to China Life and investment income (both appear sustainable to us) as well as some general strength in other operating lines. We discuss the drivers and implications below. Sources for: Style Exposure – J.P. Mo ...