China Galaxy Securities says 2026 brings a two-sided opportunity for Chinese insurers. Asset side: broader allocation options and a healthier equity market should ease investment-return pressure. Liability side: participating/dividend life products are becoming the main source of new premiums; assumed/guaranteed life rates are stabilizing, reducing reliance on suspend-and-reprice tactics, and deposit migration in a low-rate era should continue to unlock liability-side potential. The broker sees

China Galaxy Securities says 2026 brings a two-sided opportunity for Chinese insurers. Asset side: broader allocation options and a healthier equity market should ease investment-return pressure. Liability side: participating/dividend life products are becoming the main source of new premiums; assumed/guaranteed life rates are stabilizing, reducing reliance on suspend-and-reprice tactics, and deposit migration in a low-rate era should continue to unlock liability-side potential. The broker sees scope for sector valuation repair.