CITIC Securities: The current valuation level of listed insurance companies still has a relatively high safety margin, with significant long-term investment value.

CITIC Securities pointed out that looking back at the performance of the life insurance sector in 2025, the New Business Value (NBV) achieved rapid growth as a whole, with the banking and insurance channel as the main driver. Looking ahead, with the background of residents moving their deposits and regulatory policies against overwork, the liability side of life insurance has solid support in terms of both quantity and price, and is expected to maintain high prosperity. The underwriting profit growth rate of the property insurance sector in 2025 is also impressive, with the improvement of the motor insurance expense ratio as the main driver. On the asset side, the equity market's improvement drives the overall investment yield, and listed insurance companies generally increase their stock allocation. The current valuation level of listed insurance companies still has a relatively high safety margin, and there is a significant long-term allocation value.