Asia Pacific Equity Research 12 June 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Insurance Redefining Consumption: From Savings to Service, transforming China's insurance consumption Following the JPM China economics team's note on 'China: Ris ...