HK Stock Market Move | The whole line of non-life insurance stocks fell. Tian An Property Insurance announced default on debt of 5.3 billion yuan. Institutions say the incident may mark the beginning of market risk pricing.

All insurance stocks fell, as of the time of this report, New China Life Insurance (01336) dropped 3.77% to HK$45.98; PICC P&C (02328) dropped 3.1% to HK$17.79; China Pacific Insurance (02601) dropped 2.93% to HK$30.48; China Life Insurance (02628) dropped 2.54% to HK$21.5. In terms of news, TIAN AN Property Insurance announced that a capital replenishment bond with a total issue amount of 5.3 billion yuan may not be able to repay the principal and interest due to insufficient solvency, and is expected to default on payment. It is reported that this is the first default on insurance capital replenishment bonds in the industry. Founder pointed out that the default of TIAN AN Property Insurance may be the beginning of market-oriented risk pricing in the future, and suggests focusing on: the stability of shareholders and management of various companies; the trend of capital cost, liability structure, and duration gap of various companies; asset allocation structure and risk management mechanism on the asset side. Furthermore, dividend health insurance products have returned to the market after a hiatus of 22 years. Kaiyuan Securities stated that the release of high-quality development opinions for health insurance will enrich product supply, enhance the attractiveness of "product + service", and are expected to drive a new round of development opportunities for various types of health insurance, reducing the risk of interest rate spread for insurance companies, and benefiting profitability and valuation levels.