2 1 Shi Ji Jing Ji Bao Dao·2026-01-06 11:47Core Viewpoint - The insurance sector is experiencing a strong performance at the beginning of 2026, driven by a bull market, favorable policies, improved industry fundamentals, and positive institutional outlooks, leading to significant stock price increases and historical highs for several companies [1][3][4]. Group 1: Market Performance - The insurance industry index rose by 3.29%, with major listed insurance companies in A-shares collectively seeing gains [1]. - Multiple insurance stocks reached historical highs on January 6, 2026, including China Ping An, New China Life, and China Pacific Insurance [1]. - The total market capitalization of the five major listed insurance companies reached approximately 3.89 trillion yuan, an increase of about 128.8 billion yuan from the previous trading day [1]. Group 2: Key Drivers - The bull market is identified as a key driver for the insurance stock performance, with strong earnings elasticity and valuation recovery potential in an upward market [3]. - Recent policy adjustments by the National Financial Regulatory Administration, including changes to risk factors and asset-liability management, are expected to enhance the investment capacity of insurance companies [3][4]. - The insurance sector's fundamentals are improving, with expectations for premium income in 2026 to exceed forecasts, driven by a favorable liability environment [4]. Group 3: Financial Metrics - In the first eleven months of 2025, the insurance industry reported original premium income of 5.76 trillion yuan, a year-on-year increase of 7.6%, with life insurance premiums growing by 9.2% [5]. - The total assets of the insurance industry surpassed 40 trillion yuan, with net assets reported at 3.68 trillion yuan [6]. Group 4: Future Outlook - The insurance sector is expected to maintain its upward trend in 2026, supported by strong demand for protection and savings products, as well as ongoing policy support [7][8]. - However, potential risks include the pace of valuation recovery and the sustainability of the liability side, which will depend on product structure optimization and agent channel reforms [8]. - Long-term, the industry is shifting from a "scale-driven" model to a "value growth" model, with leading companies showing resilience due to asset-liability matching advantages [9].