59%相信要改善健康，需要经历彻底转变。 57%认为要获得尊重，必须控制自身情绪及避免展露脆弱一面。 63%对财务健康的刻板印象抱持负面看法; 41%把个人价值与财富成就挂钩，当中以男性尤甚。 香港，2026年2月9日 – 友邦保险控股有限公司("友邦保险"或"本集团")今日公布一项全新研究，研究结 果显示亚洲在生理、心理以及财务健康方面的刻板印象根深蒂固，并影响大众对于身心健康的态度及行 为。 是次研究于中国内地、中国香港、新加坡、泰国及马来西亚进行，分析了逾一亿则社交媒体贴文 及网上内容，并访问了2,100名受访者。 是次研究旨在了解有关身心健康的刻板印象如何在日常生活中形成、加深并成为常态。 研究发现，体 能、心理健康、财富以及家庭责任等层面的固有期望持续对个人造成巨大压力，影响大众如何看待自 我、理解他人，以及如何推进自己的健康旅程。 主要研究结果包括： 69%的受访者认同健身必须严格自律、不可松懈。 《Lone Wolf》– 挑战"只有高强度运动才有效"的观念，展示如何在人生不同阶段重新诠释快乐和运动。 为深化活动的影响力，友邦保险汇聚了区内不同创作者及品牌大使，就负责任的健康敍事方式举行研讨 会。 ...

2026.03. 12 安达人寿是安达保险集团旗下负责环球人寿保险业务的分部。2022年安达保险收购信诺（Cigna）部分亚太地区的寿险及非寿险业务，信诺 环球人寿正式更名为安达人寿。 近年来，安达保险集团通过逐步增持华泰保险进一步布局中国内地市场。华泰保险集团官网显示，安达通过旗下五家控股子公司合计持有该公 司股份比例已达87.1514%，成为其实际控制人。华泰保险集团也成为国内第一家中资转外资控股的保险集团。 微信编辑 | 雨林 本文字数：673，阅读时长大约1分钟 作者 | 第一财经 杨倩雯 原友邦人寿副总经理兼广东分公司总经理姜利民，去年被传转投另一外资保险巨头安达保险（Chubb），这一消息终被"官宣"。 安达人寿3月12日宣布，任命姜利民为首席商务官，这一任命已于3月1日正式生效。 安达人寿表示，姜利民将负责渠道发展、战略规划、客户关系、产品开发及战略合作伙伴关系等业务范畴。加盟后的早期重点将放在执行安达 人寿在大中华市场的整体增长战略，特别是提升公司在大湾区的品牌、知名度与业务影响。 公开资料显示，姜利民2002年加入友邦保险，在友邦任职超过20年，曾担任友邦保险中国区首席客户官、首席多元渠道官 ...

Industry Overview - The Zacks Life Insurance industry includes companies providing life insurance, annuities, and retirement products, with the global life insurance market projected to grow to $7.13 trillion by 2026 and $11 trillion by 2032, at a CAGR of 7.5% [3] - Emerging markets are expected to experience faster growth due to low insurance penetration, while developed markets may see slower growth due to market maturity [3] - The industry is witnessing accelerated technology adoption, but rising mortality or loss cost trends may impact profitability [3] Trends Impacting the Industry - The Federal Reserve has lowered interest rates, which may challenge life insurers as they invest premiums to meet guaranteed obligations, leading to muted investment returns [4][2] - Life insurers are increasingly combining insurance with wealth management and healthcare services to cater to customer preferences for "living" benefits [5] - The shift towards digital platforms and online sales is evident, with insurers leveraging AI and machine learning for customized coverages and premium calculations [6][7] Current Performance and Valuation - The Zacks Life Insurance industry currently holds a Zacks Industry Rank of 88, placing it in the top 36% of 255 Zacks industries, indicating strong near-term prospects [8] - Year-to-date, the Life Insurance industry has underperformed the S&P 500 and Finance sector, with a collective gain of 6% compared to 14.1% for the Finance sector and 24.2% for the S&P 500 [10] - The industry is trading at a trailing 12-month price-to-book (P/B) ratio of 1.81X, significantly lower than the S&P 500's 7.96X and the Finance sector's 4.14X [13] Company Highlights - **AIA Group Limited**: Based in Hong Kong, AIA is expected to see earnings growth of 28.3% and 13.8% in 2026 and 2027, respectively [19] - **Manulife Financial Corporation**: Headquartered in Canada, MFC anticipates core EPS growth of 10% to 12% over the medium term, with earnings estimates for 2026 and 2027 indicating increases of 9% and 8.5% [22][23] - **Sun Life Financial**: The third largest insurer in Canada, Sun Life aims for underlying growth of 8-10% and has earnings estimates for 2026 and 2027 showing increases of 7.5% and 11.1% [26][27] - **Reinsurance Group of America**: A leading global provider of life and health reinsurance, RGA is expected to benefit from better pricing and has earnings estimates for 2026 and 2027 indicating increases of 15.8% and 7.7% [28][29]

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - The 2026 government work report emphasizes the goal of enhancing the quality and expanding the coverage of the insurance industry, further promoting high-quality development [3][4]. - The report highlights multiple areas where insurance plays a crucial role, including livelihood security, rural revitalization, and risk prevention [4]. - Key tasks for 2026 include improving the multi-tiered medical security system, increasing the minimum monthly basic pension for urban and rural residents by 20 yuan, and enhancing agricultural insurance measures [5][6]. Summary by Relevant Sections Livelihood Security Insurance - The report outlines the establishment of a long-term mechanism for basic medical insurance participation and the introduction of an innovative drug directory for commercial health insurance, with long-term care insurance covering 300 million people [5][6]. - It also mentions the need to combat fraud in medical insurance and to accelerate the development of commercial health insurance [6]. Pension Insurance - The minimum standard for basic pensions will be increased by 20 yuan, and a personal pension system will be implemented nationwide [5][6]. Agricultural Insurance - Measures to promote agricultural insurance development will be formulated to enhance comprehensive disaster prevention and reduction capabilities [6]. Catastrophe Insurance - The report calls for the establishment of a catastrophe insurance guarantee system to maintain national security and social stability [6]. Export Credit Insurance - There will be increased support for credit and insurance to stabilize foreign trade and expand the use of the Renminbi in cross-border transactions [6]. Capital Market and Risk Management - The report emphasizes the need for orderly risk resolution and capital replenishment in the financial sector, with a focus on enhancing the stability of insurance companies [5][6]. - It highlights the importance of insurance funds as a significant source of long-term capital, with a recommendation for a more stable allocation of equity assets [5][6]. Investment Recommendations - The report recommends stocks such as Ping An Insurance, China Pacific Insurance, New China Life, China Property & Casualty Insurance (H), China Life, and China Re (H) for investment [5].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 友邦保險控股有限公司 | | | | 呈交日期: | 2026年3月5日 | | | | I. 法定/註冊股本變動 | 不適用 | | | | 備註： | | | | | 友邦保險控股有限公司(「本公司」)並無法定股本及/ 或其普通股並無股份面值。 | | | | FF301 第 1 頁 共 11 頁 v 1.2.0 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01299 | | 說明 | | | | | | | 多櫃檯證券代號 | 81299 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 ...

Group 1 - The insurance stocks that had been declining have rebounded, with AIA Group rising over 5% [1] - China Reinsurance and Yunfeng Financial both increased by over 4% [1] - China Pacific Insurance rose by 3.7%, while China Life, New China Life, and ZhongAn Online gained over 2% [1] - China People's Insurance, China Property & Casualty Insurance, Sunshine Insurance, China Life Insurance, and Ping An Insurance all saw increases of over 1% [1]

Group 1 - Insurance stocks that had been declining have rebounded, with AIA Group rising over 5%, China Reinsurance and Yunfeng Financial up over 4%, and China Taiping increasing by 3.7% [1][1] - Guotai Junan released a report expressing optimism about undervalued insurance stocks and their valuation recovery opportunities, driven by strong demand for insurance savings from residents and expected improvements in liability costs [1][1] - GF Securities reported that domestic equities and securities investment funds are favored by insurance institutions for 2026, with a positive outlook on the A-share market and plans for slight increases in A-share allocations [1][1] Group 2 - The long-term interest rates have been stable in the range of 1.79%-1.90% since 2026, which is expected to improve profitability for insurance companies as they optimize asset management strategies [1][1] - The report from Guotai Junan maintains an "overweight" rating for the insurance industry, anticipating a turning point in the cost of existing liabilities due to stable long-term interest rates and capital market improvements [1][1] - The majority of insurance institutions are optimistic about high-grade industrial bonds, perpetual bonds, and convertible bonds for this year, indicating a shift in investment strategy [1][1]

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [2][6]. Core Insights - The insurance sector has experienced a phase of adjustment, with a decline in the Shenwan Insurance Index from 1474.31 to 1419.21, a drop of -3.74% from February 13 to February 27. This decline occurred despite the Shanghai Composite Index and the CSI 300 Index showing positive growth during the same period [9][10]. - The report highlights that the insurance industry has significantly increased its equity asset allocation, with a rise of 1.6 trillion yuan in "stocks + funds," bringing the proportion to 15.4%. The bond allocation has increased by 0.9 percentage points to 50.4% [13][14]. - As of the end of Q4 2025, the average comprehensive solvency adequacy ratio for insurance companies was 181.1%, with a core solvency adequacy ratio of 130.4%, indicating overall strong solvency across the sector [13][14]. Summary by Sections 1. Insurance Sector Adjustment and Valuation Recovery - The report notes a significant adjustment in the insurance sector, with a focus on the stabilization of interest rates benefiting valuation recovery opportunities for undervalued insurance stocks [3][9]. 2. Industry Event Tracking - The National Financial Regulatory Administration reported that the insurance industry's total investment balance reached 38.5 trillion yuan by the end of 2025, reflecting a year-on-year increase of 15.7% [13]. - The solvency ratios of various insurance companies indicate that most are well-capitalized, with only five companies failing to meet regulatory standards [14]. - A survey indicates that most insurance institutions plan to slightly increase their allocation to A-shares in 2026, focusing on sectors such as electronics, non-ferrous metals, and pharmaceuticals [15]. 3. Company Event Tracking - China Taiping has reduced its stake in Joy City, bringing its holding below 5% [16]. - Ping An Life's chairman, Yang Zheng, is set to retire, with responsibilities transitioning to Cai Ting, the vice chairman [17]. - Zhongying Life has announced the discontinuation of two dividend insurance products, lowering the preset interest rate to 1.25% [17]. 4. Investment Recommendations - The report suggests maintaining an "Overweight" rating for the insurance sector, with specific stock recommendations including China Ping An, China Taiping, New China Life, China Pacific Insurance, China Life, and China People's Insurance Group [18].

Core Insights - The report emphasizes that AI technology is driving cost reduction and efficiency improvements in financial companies, presenting a configuration opportunity for the sector after recent volatility [1] - The report highlights the ongoing influx of incremental capital into the market, suggesting that the stability of the capital market enhances the sector's tool attributes, making it a favorable investment opportunity [1] Group 1: Market Performance - As of February 28, 2026, the Shanghai Composite Index rose by 1.98%, while the Shenzhen Component Index increased by 2.80% [9] - The average daily trading volume in the Shanghai and Shenzhen markets reached 2.44 trillion yuan, a 15.60% increase month-on-month [4] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Short-term stock price fluctuations do not alter the positive long-term fundamentals of the insurance sector, with expectations for improved long-term premium and fee differentials [14] - The approval of AI applications in insurance pricing has raised concerns about potential disruptions in the core insurance value chain, leading to a temporary decline in domestic insurance stocks [14] - The report suggests that leading insurance companies are likely to accelerate digital transformation through AI applications, enhancing their competitive edge [14] Securities Sector - The "15th Five-Year" planning meeting for foreign capital institutions was held, indicating a deepening of capital market openness [15] - The meeting aims to incorporate foreign institutions' suggestions into the planning process, enhancing the market's internationalization and stability [16] - The report anticipates that the capital market's institutional opening will accelerate, creating new opportunities for securities firms, particularly in cross-border business [20] Group 3: Investment Recommendations - The report recommends focusing on specific stocks within the insurance sector, including China Ping An, China Life, and New China Life, due to their strong fundamentals and growth potential [14] - In the securities sector, firms such as Guotai Junan, Huatai Securities, and CITIC Securities are highlighted as having significant investment opportunities due to their competitive advantages and market positioning [4][14]

以下文章来源于阿尔法工场金融家 ，作者金妹妹 阿尔法工场金融家 . 追踪保险银行业圈内动态，剖析最新风向，分享有料、有价值的"内行人"洞察见解。 导语：三大传统配置方向空间收窄之际，险资转向私募市场寻找替代性资产。 在债券收益率持续走低、股市波动加剧的当下，保险资金开始寻找新的"压舱石"。 2月6日，天津兰沁股权投资合伙企业（有限合伙）完成工商登记，出资额86.01亿元，经营范围 为以私募 基金从事 股权投资、投资管理、资产管理等活动。 该企业由高和资本旗下高和明德（北京）企业管 理服务有限公司等担任执行事务合伙人。泰康人 寿、泰康养老、长城人寿、友邦人寿、中宏人寿、中意人寿、中美联泰大都会人寿等7家 险企作 为有限合 伙人共同出资。资金投向为北京、无锡、武汉三座荟聚购物中心的专项资产。 从运营模式看，宜家母公司英格卡集团以项目 原持有方、品牌方和基石投资者身份保留部分权益 并负责项目运营；险企联合出资，成为资金端核心；高和资本则以基金管理人身份负责投资与资 产管理。 要理解这笔交易，需要从保险资金的负债特性说起。 保险公司收取的保费，在未来几十年内需要按照合同约定向投保人支付生存金、养老金或理赔 款，这是一 ...