证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 政策引导+行协牵头，保险业布局康养领域进 程再加速 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -6% -1% 4% 9% 14% 19% 24% 29% 34% 39% 44% 2025/1/23 2025/5/24 2025/9/22 2026/1/21 保险Ⅱ 沪深300 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：长端利率趋势性下行；新单增长不及预期。 2026 年 01 月 23 日 相关研究 《低利率时代的重逢——中国分红险 发展的前世今生》 2025-12-30 《保险行业 11 月保费：产寿单月保费 增速均有改善，继续看好寿险开门红 表现》 2025-12-27 东吴证券研究所 1 / 4 请务必阅读正文之后的免责声明部分 ◼ 【事件】1 月 22 日保险公司在康养领域消息频现，我们预计"保险+康 养"模式发展进一步加速。 ◼ 行业层面：协会 ...

新华保险 新华保险 分时图 日K线 周K线 月K线 76.75 -1.08 -1.39% 2.61% 1.73% 0.87% 0.00% 0.87% 1.73% 2.61% 75.80 76.48 77.15 77.83 78.51 79.18 79.86 09:30 10:30 11:30/13:00 14:00 15:00 0 25万 51万 76万 近日，国家金融监督管理总局网站公布的行政处罚信息公开表(烟金罚决字〔2025〕33-38号)显示，新华 人寿保险烟台3家支公司因多项违规行为被国家金融监督管理总局烟台监管分局处罚。 处罚信息显示，新华人寿保险股份有限公司烟台市龙口支公司因唆使、诱导保险代理人进行违背诚信义 务活动，代理人管理不到位被警告并罚款1万元；时任新华人寿保险股份有限公司烟台市龙口支公司经 理高凡钧被警告并罚款1万元。 新华人寿保险股份有限公司烟台中心支公司因编制虚假财务资料被罚款12.47万元；时任新华人寿保险 股份有限公司烟台中心支公司副总经理王世娜被警告并罚款1.74万元。 新华人寿保险股份有限公司烟台市蓬莱支公司因给予投保人保险合同约定外利益被罚款5.21万元；时任 新华人寿保 ...

Core Viewpoint - Ping An is maintained as a top pick in the sector with a target price raised to HK$90 based on SOTP valuation, reflecting adjustments in FY26E forecasts and net earnings growth estimates for FY25-27E [1] Group OPAT and NPAT Forecasts - Group OPAT is estimated to grow by 12% YoY in FY25E to RMB136 billion, with a significant acceleration of approximately 46% YoY in 4Q25 [1] - Group NPAT is forecasted to increase by 5.1% YoY in FY25E to RMB133 billion, although non-operating items may decline in 4Q due to weaker equity market performance and rising bond yields [1] Bancassurance Growth - Bancassurance is expected to drive FY26E NBV growth by 18%, with Ping An expanding its proprietary channels and increasing outlet penetration [2] - The insurer's total outlets in China are around 200,000, with a significant portion potentially catering to high-net-worth clients, indicating room for further expansion [2] Investment Strategy and Market Exposure - Ping An increased its exposure to growth stocks in 3Q25, with total equity exposure reaching 18.3% of total investment assets by 1H25, which is expected to grow further [3] - The investment contribution to net earnings in 4Q25 is anticipated to be weaker due to corrections in growth stocks, as indicated by the performance of relevant indices [3] Target Price and Valuation - The target price of HK$90 is derived using a SOTP valuation approach, with specific multipliers applied to different segments of the business, including life insurance and asset management [3] - The new target price implies a valuation of 0.9x FY26E P/EV and 1.24x FY26E P/B, reflecting the company's strong position in the life insurance sector [3]

Hello and welcome to Market Domination. I'm Josh Lipton live from our New York headquarters. There's just an hour to go now until the closing bell and stocks are mixed here as we head toward the close of a volatile week on Wall Street. Our very own Jared Blickery standing by with all the headlines. Jared, >> thank you Josh. Yes, we are mixed today and we are down for the week. not only in the majors, but some of the small caps, even the midcaps. I'll get to that in a second. First, let's check out the Dow, ...

About Sunflower Bank, N.A. DALLAS--(BUSINESS WIRE)--Sunflower Bank, N.A. ("Sunflower Bank†) announces the launch of Sunflower Insurance Solutions Inc. ("Sunflower Insurance Solutions†), a wholly owned subsidiary, that provides businesses and high-net-worth individuals with insurance and wealth planning strategies, including risk management, liquidity planning, and tax-efficient wealth transfer. "The launch of Sunflower Insurance Solutions marks an exciting step in expanding our ability to deliver compre ...

Farm Bureau rating: 4.4 out of 5 stars Farm Bureau is a network of independent state insurers, not one national company, so pricing and service can vary. Unless otherwise noted, our review focuses on Farm Bureau Financial Services (FBFS), which covers several Midwestern and Western states. Across the board, Farm Bureau companies stand out for having strong customer satisfaction, fair pricing, and good repair ratings. If your state has a chapter, it’s absolutely worth checking out. Learn more: Best car i ...

Viewpoint | │ 10 pages China Insurance 2026E Outlook: Life Embarking on a Historic Opportunity; P&C Riding on Continued Regulatory Tailwinds Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their ...

January 23, 2026 01:38 AM GMT Japan Equity Strategy | Japan Investment Strategy Playbook for Japan Amid Rising Long-Term Interest Rates Given that negative real interest rates, inexpensive equity valuations in global comps, and leverage-related metrics are unlikely to be a key driver of stock selection, we believe pessimism toward Japanese equities is unnecessary at this stage. Key Takeaways | M | | | | | --- | --- | --- | --- | | | | Idea | | | January 23, 2026 01:38 AM GMT | | | | | Japan Equity Strategy ...

Core Insights - Brown & Brown, Inc. (BRO) is anticipated to show growth in both revenue and earnings for the fourth quarter of 2025, with revenues expected to reach $1.64 billion, reflecting a 38.7% increase year-over-year, and earnings estimated at 89 cents per share, indicating a 3.4% rise from the previous year [1] Earnings Predictions - The Zacks model indicates a likely earnings beat for BRO, supported by a positive Earnings ESP of +7.71% and a Zacks Rank of 3 (Hold), which enhances the probability of exceeding earnings expectations [2][3] Revenue Drivers - Core commissions and fees are projected to benefit from new and renewal business, acquisitions, and favorable foreign currency translation effects [4] - Profit-sharing contingent commissions are expected to rise due to improved underwriting results, increased premium volume, and qualifying for certain profit-sharing commissions that were not applicable in the prior year [4] - Net investment income is forecasted to increase, driven by interest income from the company's follow-on common stock offering, with a consensus estimate of $30.1 million [5] - Organic revenue growth in the Retail segment is anticipated from net new business and renewals, while the Wholesale Brokerage segment is expected to see similar benefits from new business and exposure unit increases [5] Expense Outlook - Expenses are likely to rise due to higher employee compensation and benefits, increased operating costs, and higher amortization, depreciation, and interest expenses [6]

Core Insights - Analysts expect Progressive (PGR) to report quarterly earnings of $4.44 per share, reflecting an 8.8% year-over-year increase, with revenues projected at $21.94 billion, up 7.9% from the previous year [1] - There has been a downward revision of 0.4% in the consensus EPS estimate over the past 30 days, indicating a reappraisal of projections by analysts [1][2] Earnings Estimates - The consensus estimate for 'Net premiums earned' is $20.93 billion, indicating a 9.3% year-over-year increase [4] - The 'Companywide Total - Combined ratio' is expected to be 88.6%, compared to 87.9% in the same quarter last year [4] - Analysts estimate 'Policies in force - Companywide Total' to be 38.60 million, up from 34.95 million year-over-year [4] Policies in Force - 'Policies in force - Total special lines' is projected to reach 7.01 million, compared to 6.52 million last year [5] - 'Policies in force - Total personal auto' is expected to be 26.72 million, up from 23.77 million year-over-year [5] - 'Policies in force - Personal Lines - Direct auto' is estimated at 15.94 million, compared to 14.00 million last year [6] - 'Policies in force - Personal Lines - Agency auto' is projected to reach 10.78 million, up from 9.78 million [6] - 'Policies in force - Total Personal Lines' is expected to be 37.40 million, compared to 33.81 million last year [7] - 'Policies in force - Total Commercial Lines' is estimated at 1.20 million, up from 1.14 million year-over-year [7] - 'Policies in force - Total Property business' is projected to reach 3.68 million, compared to 3.52 million last year [8] Stock Performance - Over the past month, shares of Progressive have declined by 9.1%, while the Zacks S&P 500 composite has increased by 0.6% [8] - Currently, PGR holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the overall market in the near future [8]