CITIC Securities says current insurance-sector valuations carry a high margin of
safety. Deposit migration and 'anti-involution' policies should sustain faster
liability-side growth, while an equity-market rebound since April should bolster
profits. Life insurers: tightened 'reporting-and-bank-unified' supervision of
bancassurance and likely lower dividend demonstration rates support both volume
and pricing on life liabilities; NBV is expected to grow rapidly. P&C insurers:
unified reporting should help non-auto expense ratios, and falling claim rates —
including for new-energy vehicle cover — should reduce loss ratios; if
natural-disaster losses remain stable, underwriting profits are likely to
continue rising. On the asset side, the CSI 300 INDEX has risen 10.59% since
April 2026 (through May 25 close); it rose 1.25% in Q2 2025, supporting stronger
listed insurers' Q2 profit growth.
