Investment Rating - The report maintains an "Overweight" rating for the insurance industry [4]. Core Insights - The insurance sector is experiencing significant growth in profitability and net assets, driven by improvements in asset-liability management and a favorable equity market [2][4]. - The report highlights three key themes: the rise of bancassurance, the linkage between assets and liabilities, and the integration of insurance with services [4][6]. Summary by Sections 1. Performance and Shareholder Returns - The overall performance of listed insurance companies in 2025 met expectations, with net profit increasing by 22.4% year-on-year, driven by improved investment performance [7]. - Cash dividends for listed insurance companies reached 125.17 billion yuan, reflecting a 13.5% increase, indicating a focus on shareholder returns [9][11]. 2. Bancassurance and Asset Changes - Bancassurance has emerged as a highlight on the liability side, contributing significantly to the growth of new business value (NBV), which increased by 30.9% year-on-year [13][14]. - The net assets of listed insurance companies grew by over 10% year-on-year, primarily due to profit growth offsetting negative impacts from interest rate fluctuations [25][26]. 3. Key Themes in the Industry - The rise of bancassurance is identified as a new growth driver for listed insurance companies [4][6]. - The report emphasizes the importance of asset-liability management, particularly in the context of fluctuating interest rates and the need for improved matching strategies [4][6]. - The integration of insurance products with services is seen as a critical strategy for enhancing customer loyalty and competitive advantage [4][6]. 4. Investment Recommendations - The report recommends increasing holdings in specific companies, including China Ping An, China Taiping, New China Life, China Pacific Insurance, China Life, and China People's Insurance Group [4][6].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1] Core Insights - The growth in life insurance premiums in January-February 2026 is driven by the "deposit migration" phenomenon, while property insurance premiums are growing slowly, with auto insurance under pressure and non-auto insurance growing rapidly. The report anticipates that the resonance of assets and liabilities will drive profit improvement in 2026 [2] Summary by Sections Premium Income - In January-February 2026, the cumulative premium income for the insurance industry reached 1,642.2 billion yuan, a year-on-year increase of 8.4%. The life insurance sector's original premium income was 1,310.8 billion yuan, up 9.7% year-on-year. The breakdown includes life insurance at 1,132.3 billion yuan (10.9% increase), health insurance at 172.4 billion yuan (3.1% increase), and accident insurance at 6.1 billion yuan (12.4% decrease) [3][4] - The report expects strong demand for insurance savings due to "deposit migration," while demand for protection products remains weak in the short term [3] Investment Contributions - New investment contributions from policyholders (mainly universal insurance) amounted to 238.9 billion yuan, a year-on-year increase of 16.8%. The growth is attributed to the continuous operation of universal insurance accounts during the companies' New Year business period [3] Property Insurance Performance - The cumulative original premium income for the property insurance sector in January-February 2026 was 331.4 billion yuan, a year-on-year increase of 3.5%, with a decline in growth rate of 1.2 percentage points compared to the same period in 2025. Auto insurance and non-auto insurance premiums were 141.8 billion yuan (-0.9% year-on-year) and 189.6 billion yuan (7.0% year-on-year), respectively [3] - Non-auto insurance's share of total property insurance premiums increased by 1.9 percentage points year-on-year, with liability and health insurance being the core growth drivers, showing year-on-year growth rates of 10.2% and 20.5%, respectively [3] Market Outlook - The report is optimistic about the valuation recovery of insurance stocks, driven by strong demand for insurance savings and stable interest rates. It highlights that the recent concerns from trading factors are the main reason for the divergence between the fundamental profit improvement and stock prices in the insurance sector [3] - The report recommends stocks such as China Ping An, China Pacific Insurance, New China Life, and China Life for investment [3]

Core Viewpoint - The company AIA Group (1299 HK) shows resilience in growth despite short-term fluctuations due to factors like the depreciation of the US dollar, with a projected operating profit of USD 7.895 billion in 2026, leading to an increased target price of HKD 101, maintaining a buy rating [1][2]. Group 1: 2025 Performance - The company reported a post-tax operating profit (OPAT) of USD 7.14 billion for 2025, reflecting a year-on-year growth of approximately 7% [1]. - The net profit attributable to shareholders was USD 6.23 billion, lower than the USD 6.85 billion in 2024 but better than market expectations [1]. - Insurance service performance reached USD 6.91 billion, up 19.8% year-on-year, while investment returns were USD 17.98 billion, increasing by 50.6% [1]. - New business value grew nearly 20% year-on-year, indicating stable operational metrics [1]. - The depreciation of the US dollar has increased accounting costs, impacting short-term performance [1]. - The management reiterated a long-term strategy focused on "value growth over scale expansion" during the earnings release [1]. Group 2: Future Earnings Outlook - The company updated its forecasts for 2026-2028, expecting premium income growth of 10%/9%/7% year-on-year, with strong contributions from the Hong Kong market and continued rapid growth in mainland China [2]. - The Thai market is expected to see increased penetration of high-value medical products, contributing to overall growth [2]. - New business is anticipated to continue its steady growth, with VONB margin projected to increase by 10%/8%/7% year-on-year [2]. - Investment business profits are expected to remain stable at current levels [2]. - The company has a solid customer base and strong cash generation capabilities, with a projected 11% growth in basic free earnings per share (UFSG) for 2025 [2]. - Management announced plans for a new share buyback, which is expected to enhance investment attractiveness in the current market environment [2].

Group 1 - The company has a solid customer base and strong self-generating capacity, with expected premium income growth rates of 10%, 9%, and 7% over the next three years [1] - New business continues to grow steadily, with new business value profit margins projected to increase by 10%, 8%, and 7% year-on-year [1] - The management has announced a new share buyback plan, which is expected to enhance investment attractiveness in the current market environment [1] Group 2 - AIA Group achieved an after-tax operating profit of $7.14 billion last year, representing a year-on-year growth of approximately 7%, with net profit exceeding market expectations [2] - The company's performance in 2025 may be affected by short-term factors such as significant dollar depreciation, but it still shows good growth resilience driven by new markets and new business growth in mainland China [2] - The target price for AIA Group has been raised to HKD 101, maintaining a "Buy" rating [2]

证券研究报告 资负双轮驱动利润增长，上市险企增配二级权益1.5万亿元 保险行业2025年年报综述 证券分析师： 罗钻辉 A0230523090004 孙冀齐 A0230523110001 2026.3.31 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 资产负债双轮驱动A股险企2025年归母净利润合计yoy+22.4%。2025年A股险企归母净利润合计达4253亿元， yoy+22.4%，高基数下依然实现稳步提升；从利源结构来看，保险服务业绩/投资业绩yoy+19.7%/39.3%至2570/3012亿 元，税前利润贡献占比分别达46.9%/55.0%，结构相对均衡。其中，4Q25多数上市险企利润表现阶段性承压，A股险企归 母净利润yoy-102.6%至-7.48亿元，主要受资本市场波动叠加3Q25以来险企持续提升二级市场权益配置规模影响。 ◼ NBV增速亮眼，COR整体延续稳中向好态势。人身险量价齐升，A股险企NBV合计yoy+35.8%至1267亿元；其中，新单保 费合计yoy+11.1%至6962亿元，NBVM(使用NBV/新单近似估计)yoy+3.3%至18.2%，"报行合一 ...

友邦保險控股有限公司 科技、營運及數據委員會的職權範圍 批准機構 : 友邦保險控股有限公司董事會 生效日期 : 2026 年 4 月 1 日 版本 : 1.0 (此乃中文譯本，本職權範圍以英文本為準。任何中文譯本不得更改或影響其解釋。) 友邦保險控股有限公司 科技、營運及數據委員會的職權範圍 釋義 1. 就本職權範圍（本職權範圍）而言： 聯屬公司就本公司而言，指本公司所控制的法人團體； 董事會指本公司的董事會； 董事會審核委員會指董事會所成立的審核委員會； 董事會風險委員會指董事會所成立的風險委員會； 本公司指友邦保險控股有限公司； 董事指董事會的成員； 本集團指本公司及其聯屬公司； 管理層指負責管理本集團內的行政職務的任何人士； 提名委員會指董事會所成立的提名委員會； 聯交所指香港聯合交易所有限公司；及 科技、營運及數據委員會（或本委員會）指根據本職權範圍第 2 條所載 的董事會決議案而成立的科技、營運及數據委員會。 組成 2. 董事會根據 2026年 3月 18 日通過的決議案成立科技、營運及數據委員會。 第一頁 集團首席執行官兼總裁指董事會委任的本公司的集團首席執行官兼總裁； 上市規則指聯交所證券上市規 ...

批准機構 ： 友邦保險控股有限公司董事會 （此乃中文譯本，本職權範圍以英文本為準。任何中文譯本不得更改或影響其解釋。） 生效日期 ： 2026年3月18日 版本 ： 10.0 友邦保險控股有限公司 董事會風險委員會的職權範圍 友邦保險控股有限公司 董事會風險委員會的職權範圍 1. 就本職權範圍（本職權範圍）而言： 聯屬公司指就本公司而言，由本公司控制的法人團體； 審核委員會指董事會所成立的審核委員會； 董事會指本公司的董事會； 釋義 董事會主席指董事會的主席； 董事會風險委員會或本委員會指根據本職權範圍第2條所載的董事會決議案而成立的風 險委員會； 本公司指友邦保險控股有限公司； 董事指董事會的成員； 集團內部經濟資本評估指香港保險業監管局的保險集團監管框架下之集團內部經濟資本 評估； 本集團指本公司及聯屬公司； 集團首席財務總監指集團首席執行官不時委任以負責財務管理的本公司高級管理人員； 集團首席投資總監指集團首席執行官不時委任以負責投資管理的本公司高級管理人員； 集團公司秘書指本公司的公司秘書； 集團首席風險管理總監指被指定負責監督本集團的風險管理，並管理集團風險職能的本 公司高級管理人員； 集團執行委員 ...

( 此乃中文譯本，本職權範圍以英文本為準。任何中文譯本不得更改或影響其解釋。 ) 友邦保險控股有限公司 薪酬及領導委員會的職權範圍 批准機構 : 友邦保險控股有限公司董事會 生效日期 : 2026 年 3 月 18 日 版本 : 7.0 友邦保險控股有限公司 薪酬及領導委員會的職權範圍 釋義 1. 就本職權範圍（本職權範圍）而言： 細則指本公司的組織章程細則。 董事會指本公司的董事會。 本公司指友邦保險控股有限公司。 董事指董事會的成員。 執行董事指董事會不時委任的本公司執行董事。 集團首席執行官指董事會委任的本公司的集團首席執行官。 本集團指於有關時間，本公司及其附屬公司和聯營公司，或若文意另有所指， 於本公司成為其現時附屬公司和聯營公司的控股公司前的有關期間內，本公司 的現時附屬公司和聯營公司，或其現時附屬公司和聯營公司或其前身（視情況 而定）所營運的業務。 股東指本公司的股東。 2. 「薪酬」一詞，在用於本職權範圍內時，包括但不僅限於一切薪金、紅利、津 貼、福利（現金或實物）、退休金安排、付還款項、賠償款項（包括就任何喪 失或終止職務或委任而應付的賠償）、獎勵金及以股份為基礎的報酬。 第一頁 友邦保險控 ...

提名委員會的職權範圍 友邦保險控股有限公司 批准機構 : 友邦保險控股有限公司董事會 生效日期 : 2026 年 3 月 18 日 版本 : 8.0 (此乃中文譯本，本職權範圍以英文本為準。任何中文譯本不得更改或影響其解釋。) 友邦保險控股有限公司 提名委員會的職權範圍 釋義 1. 就本職權範圍（本職權範圍）而言： 董事會指本公司的董事會。 本公司指友邦保險控股有限公司。 公司秘書指本公司的公司秘書。 董事指董事會的董事。 提名委員會指董事會根據本職權範圍第 2 條所載的決議案而成立的提名委員 會。 股東指本公司的股東。 組成 2. 董事會根據 2010 年 9 月 1 日通過的決議案成立提名委員會。 委員會主席的責任 會議 第一頁 3. 董事會應在董事中委任提名委員會成員，而其成員數目不得少於三名，且至少 有一名不同性別的成員，當中獨立非執行董事須佔大多數。提名委員會會議的 法定人數為三名成員，其中最少一名須為獨立非執行董事。 4. 提名委員會的主席須由董事會主席或獨立非執行董事擔任，並由董事會委任。 5. 提名委員會主席應: (a) 提倡開放、包容和在需要情況下敢於質疑的討論，以協助作出有效之 決策； ( ...

友邦保險控股有限公司 審核委員會的職權範圍 批准機構 : 友邦保險控股有限公司董事會 生效日期 : 2026 年 3 月 18 日 版本 : 7.0 （此乃中文譯本，本職 權 範圍以英 文本為 準。任 何 中文譯本不得 更 改或影 響 其解釋。 ) 友邦保險控股有限公司 審核委員會的職權範圍 釋義 1 . 就本職權範圍（本職權範圍）而言： 聯屬公司就本公司而言，指本公司所控制的法人團體； 審核委員會（或本委員會）指根據本職權範圍第 2 條所載的董事會決議案成立的 審核委員會； 董事會指本公司的董事會； 董事會風險委員會指董事會所成立的風險委員會； 本公司指友邦保險控股有限公司； 董事指董事會的成員； 本集團指本公司及其聯屬公司； 集團首席執行官指董事會委任的本公司的集團首席執行官； 集團財務總監指集團首席執行官不時委任以負責財務管理的本公司高級 管理人員； 集團首席精算師指負責監督本集團精算職能的本公司高級管理人員； 集團公司秘書指本公司的公司秘書； 集團風險總監指集團首席執行官不時委任以負責風險管理的本公司高級 管理人員； 集團法律總顧問指負責監督本集團法律職能及管理本集團法律事務的本 公司高級管理人員； ...