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<Research>JPM Prefers CHINA LIFE/ PING AN for Superior Growth Prospects Over Regional Peers
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Hong Kong's life insurance industry set a record high for new life sales volume in 3Q25, with first-year premium (FYP) reaching HKD91 billion, marking a YoY leap of 69%, JPMorgan said in a report. Despite the record sales volume, the overall product mix and business development are less healthy than in recent quarters. The broker anticipated that managing growth momentum will be crucial in 2026 amid tightening regulatory conditions. JPMorgan noted that the Hong Kong Insurance Authority (HKIA) plans to reduce upfront sales commissions starting January 2026, which prompted sharp increase in the contribution from broker channels, with 3Q25 accounting for 35% of new premium sales, up 8 ppts YoY. JPMorgan preferred CHINA LIFE (02628.HK) and PING AN (02318.HK) in 2026, considering their business growth prospects superior to other regional peers. AASTOCKS Financial News Website: www.aastocks.com |
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