中国保险：1-3M26：3月份寿险稳健增长，财产险略有回升

1-3M26:Lifegrowth resilient andP&C marginally The NFRA reported1Q26premiums. Total insurance premiumgrew 6.3% YoYtoRMB2.31tn,with industry premium modestly up by1.4% YoY in March.Thedivergencebetweenpersonal life and P&C premiums persisted in 1Q26withtheformer marking+7.9%to RMB1.93tn and the latterfalling1.3% YoYtoRMB382bn,indicatingacontinuedstrong momentum duringlife jumpstart sales, anda marginalrecovery in P&C withauto/non-autopremiumsup1.8%/2.7%YoYin Mar (vs. Feb:-0.3%/+0.3%).We see threekeytrendsin 1Q26including1)Life sustained robustgrowth in Mar, afterachieving acompelling increaseduringthe jumpstartperiod;2) P&C sawamarginal reboundin premium growth supportedbya turnaround inbothauto and non-autosegments; and 3)Health and accident (H&A)insuranceremained the two keydriversofP&C non-autopremium growth,sustainingdouble-digitincreasesin Mar2026.We believe health insurance will continue to be a keybeneficiaryriding onregulatorytailwindsamiddeepeningcooperationinbasicmedical and commercial healthinsurance.Maintainsector OUTPERFORM.We China Insurance Sector Nika MA(852) 3900 0805nikama@cmbi.com.hk Recent reports: 1.China Insurance-1-2M26:Lifesustaineddouble-digit rise;P&C autopremiumsdipped for two consecutive 2.China Insurance-Sunshine InsuranceFY25: Strong NBV momentum; One-offtax gain lifted net profit, Mar 18 2026 (link) 3.China Insurance-Dec Life and P&Cpremiumsmarginally improved,Feb 4,2026 (link) 4. China Insurance-Easingsolvency riskfactors to steer insurance funds into long-term stockholdings, Dec 8, 2025 (link) Life: Resilient premium growth sustained inMarch.In 1Q26, personal lifeindustry premium rose 7.3% YoY to RMB1.78tn, driven by resilient life premiumgrowth of 8.7% YoY to RMB1.50tn(85% mix)partiallyoffset byflattish health(+0.8% YoY)andadecline inaccident insurance (-10.4% YoY).Universal lifesawrobust double-digit growthof 14.5% YoYto RMB298bnin 1Q26,translatinginto a 6% YoY increase in Mar (vs. Feb: +2.8%)thanks tothemomentumfromlifeproductsales.Unit-linked premiums fell 13% YoYto RMB3bn in 1Q26,witha 34% decline in Mar,due torisingequity marketvolatilities. Recently,theInsurance Authorityreportedtheresearch value ofthepricing interest rate (PIR) 5.中国保险-股票投资风险因子拟再优化，险资长钱加速入市可期,May 8, 2025(link) 6.China Insurance:Raised cap forinsurer’sequity asset allocation couldunleash max. RMB 1.7tn to stock market,Apr 9,2025 (link) 7.China Insurance-4Q24 insurancefunds:industry financial rate of returnextended rally in a five-quarter streak,Feb 25, 2025 (link) for 1Q26 at 1.93%, up4bps QoQ, marking the firstupticksince theinitiallaunchof thisregulatoryPIRreference ratioin early 2025 (Fig.5). We viewthisincrease 8. China Insurance-11/12MMonthly: Lifesales diverged during the jumpstart; P&Csoftened by non-auto slowdown, 21 Jan, P&C:Auto premium up by new vehicle sales; non-auto propelled by A&H. P&Cpremium grew 2.8% YoY to RMB530bn in 1Q26,with auto/non-autosegmentssustainingthe divergenceseenin the first two monthsat-0.4%/+5.3% YoY (vs.1-2M26:-0.9%/+7.0% YoY) to RMB223bn/RMB307bn.In Mar,P&C premium marginally reboundedby1.8% YoY to RMB199bn, withtheautosegmentreturningto positive rise of 0.6%YoY (vs. Jan/Feb:-0.8%/-1.1%),assales volumes of new passenger vehicles and NEVs narrowed thedecline(-2.3%)and increased (+1.2% YoY)in Marrespectively(vs. Feb:-15.6%/-14.2%).Non-auto premiumslifted2.7% YoY in Marchdriven byrobustA&Hgrowth(+10.4% YoY, vs. Feb: +9.2%),a turnaround inliability (+2.3% YoY, vs. Feb:- 9. China Insurance-10M24 Monthly: Lifepremiumretreated as expected,P&Cgrew with auto sales momentum, Nov 19, 10. China Insurance-9M24 Monthly: Lifegrowth normalized with highlights; P&Cexpected to see better UW profit, Oct 21, 4.3%), andatrimmeddeclineinagriculture (-1.5% YoY, vs.Feb:-14.0%).Accordingto the Ministry of Emergency Management(Fig.6),the direct 11. China Insurance-8M24 Monthly: Lifejumpedon top of low base;P&C topplayersrebounded in growth,Sep 23,2024 (link) 12. China Insurance-7M24 Monthly: Lifemomentum kept strong; P&C edged up byauto & non-auto rebounds, Aug 20, 2024 H&A premium growth continued to ride on regulatory tailwinds.Healthinsurancepremiumgrew5.5% YoY to RMB399bn in 1Q26,witharise of 1.2%YoY in Marchto RMB145bn (21.7%mix).We seeasequentiallygrowinghealthmarket sharedriven bytheP&C personalsegment, riding onpolicytailwinds ofdata sharing anddeepeningcooperation betweenbasic medicalinsuranceand 13. China Insurance-Insurance funds:Life/P&C diverged in allocation; financialyields marginally recovered in 2Q, Aug 14. China Insurance-6M24 monthly: Lifeprints better-than-expected on high base;P&C dragged by autosales, Jul 23, 2024(link) Maintain sector OUTPERFORM.China’s insurancesector iscurrentlytradingat 0.26x-0.59x FY26E P/EV and 0.56x-1.10x FY26E P/B,withan averageyield of4.5%(CMBI est).Sectorvaluationhasretreatedbackto levelsseenin earlyDec2025, adversely affected by equity market swings in 1Q26(CSI300/HSI:-3.9%/-3.3%);whilethe 2Q-to-dateupswing(CSI300/