Changes in Hong Kong stocks | Domestic insurance stocks continue to rise, and the performance of listed insurers is supported, and a good start in 2026 ushered in many favorable factors

The Zhitong Finance App learned that domestic insurance stocks continued to rise. As of press release, China Ping An (02318) rose 4.08% to HK$71.4; Xinhua Insurance (01336) rose 3.89% to HK$61.5; China Life (02628) rose 3.62% to HK$30.9; and China Taibao (02601) rose 2.81% to HK$38.72.

According to news, recently, data from the State Financial Supervision and Administration shows that in the first 11 months of 2025, the insurance industry achieved a total premium income of 5762.9 billion yuan, an increase of 7.6% over the previous year. Among them, personal insurance companies achieved premium income of 4147.2 billion yuan, an increase of 9.1% over the previous year; financial insurance companies achieved premium income of 1615.7 billion yuan, an increase of 3.9% over the previous year. Dongwu Securities believes that looking ahead to 2026, market demand is still strong, the interest rate of insurance products is still higher than bank deposits, and the relative appeal is still obvious. It has optimistic expectations for new premiums and NBV growth. At the same time, the share of dividend insurance will help further optimize debt costs.

CITIC Construction Investment Securities pointed out that listed insurers are supported in terms of performance. Among them, life insurance is optimistic about a good start in 2026, and the growth rate of new orders exceeds expectations, and financial insurance is optimistic that the “integration of reporting and banking” of non-auto insurance will drive a relatively rapid increase in underwriting profits. On the debt side, the bank believes that a good start in 2026 is ushering in a series of favorable factors. First, the relative attractiveness of savings insurance is expected to increase in the context of the recent suspension of sales of 5-year large deposit certificates and the increase in the threshold for 3-year large deposit certificates; second, the market acceptance of dividend insurance on the demand side and the sales capacity of the supply-side team are expected to improve; third, “integration of reporting and banking” drives the banking insurance channel to improve, leading insurers are actively increasing the layout of banking insurance channels. Fourth, savings insurance products, as one of the few financial products that can provide long-term determined returns in the post-era of new asset management regulations, are expected to continue to meet the huge steady investment needs of residents in the process of net worth transformation and non-standard turnaround to drive residents' wealth allocation restructuring.