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<Research>JPM Bullish on Core Earnings Growth Outlook for CN Insurers, Top Picks CHINA LIFE & PING AN
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 disc...
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<Research>JPM Bullish on Core Earnings Growth Outlook for CN Insurers, Top Picks CHINA LIFE & PING AN
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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)  +0.050 (+0.082%)    Short selling $401.21M; Ratio 26.703%   , 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)  -0.080 (-1.449%)    Short selling $21.31M; Ratio 10.167%   , major life insurers only slightly increased their equity market risk exposure, indicating a less active allocation to the stock market compared with 4Q25.

Related News CICC's Investment Ratings and TP on Insurance Stocks (Table)
The broker's sector top picks are CHINA LIFE (02628.HK)  +0.200 (+0.696%)    Short selling $349.66M; Ratio 36.667%   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)  +0.200 (+0.696%)    Short selling $349.66M; Ratio 36.667%   | Overweight | HKD40
PING AN (02318.HK)  +0.050 (+0.082%)    Short selling $401.21M; Ratio 26.703%   | Overweight | HKD90
CPIC (02601.HK)  0.000 (0.000%)    Short selling $103.04M; Ratio 26.836%   | Overweight | HKD43
NCI (01336.HK)  -0.100 (-0.208%)    Short selling $34.01M; Ratio 11.650%   | Neutral | HKD45
PICC GROUP (01339.HK)  -0.080 (-1.449%)    Short selling $21.31M; Ratio 10.167%   | Neutral | HKD5.8

Related News CICC: Short-term Capital Overhang to Reverse; Expects Valuation Recovery in Mainland Insurers, Recommends CPIC (02601.HK), PING AN (02318.HK) etc.
PICC P&C (02328.HK)  -0.100 (-0.672%)    Short selling $85.81M; Ratio 21.864%   | Neutral | HKD14
ZA ONLINE (06060.HK)  +0.040 (+0.378%)    Short selling $7.21M; Ratio 11.858%   | Overweight | HKD24
CHINA RE (01508.HK)  +0.010 (+0.806%)    Short selling $2.44M; Ratio 18.646%   | Neutral | HKD1.6
CHINA TAIPING (00966.HK)  -0.060 (-0.293%)    Short selling $35.27M; Ratio 23.934%   | Overweight | HKD30
SUNSHINE INS (06963.HK)  -0.030 (-0.852%)    Short selling $9.98M; Ratio 15.706%   | Underweight | HKD3
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.)

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