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| HSCEI1 | 8,675.31 | -99.08 | 22.62B |
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2026-05-05 11:55:46 JP Morgan said in a report that major Chinese life and non-life insurers posted robust core solvency in 1Q26, averaging 139% and 195%, respectively. Life insurers also resumed disclosure of the "residual margin", which had been suspended since December 2022 in light of its broad replacement by the "contractual service margin" (CSM) under IFRS 17. The broker's analysis showed that, except for PING AN (02318.HK), the reserve balances of other major insurers demonstrated relative resilience compared with December 2022, suggesting a positive outlook for core earnings growth. Except for PICC GROUP (01339.HK), major life insurers only slightly increased their equity market risk exposure, indicating a less active allocation to the stock market compared with 4Q25. The broker's sector top picks are CHINA LIFE (02628.HK) and PING AN. JPM's latest investment ratings and target prices for H-share Chinese insurers are as follows: Stock | Investment Rating | Target Price CHINA LIFE (02628.HK) | Overweight | HKD40 PING AN (02318.HK) | Overweight | HKD90 CPIC (02601.HK) | Overweight | HKD43 NCI (01336.HK) | Neutral | HKD45 PICC GROUP (01339.HK) | Neutral | HKD5.8 PICC P&C (02328.HK) | Neutral | HKD14 ZA ONLINE (06060.HK) | Overweight | HKD24 CHINA RE (01508.HK) | Neutral | HKD1.6 CHINA TAIPING (00966.HK) | Overweight | HKD30 SUNSHINE INS (06963.HK) | Underweight | HKD3 ~ AASTOCKS Financial News Website: www.aastocks.com | |