ab 10 January 2026 Global Research China Insurance Sector 2026 outlook: Deposit migration to fuel growth Life: Double-digit VNB growth fuelled by deposit migration Following a strong 2025 (UBSe: listed insurers' VNB +33%), we project double-digit VNB growth to continue in 2026, supported by FYP growth amid deposit migration. Net household deposits climbed to Rmb78trn as of June 2025 but the deposit rate has kept falling, a prime opportunity for leading insurers. Bancassurance is advantaged to capture such d ...