According to the CITIC Construction Investment Research Report, looking back at the insurance sector's performance in the first half of 2026, debt-side life insurance NBV and financial insurance underwriting profits both maintained steady growth, and the positive asset-side equity market led to a general improvement in total return on investment. Looking ahead to the future market, the main investment line in the insurance sector is expected to gradually switch to investment opportunities based on medium- to long-term value valuation repair and high dividend allocation. Strong demand for residents' savings insurance+favorable “anti-domestic” policies in the industry+channel-side efforts to expand incremental+dividend insurance resonate, and the long-term positive trend on the life insurance debt side is clear; the “integration of reporting” and comprehensive management of non-auto insurance directly hit the pain points of the industry's aggressive expansion model, which is expected to drive financial insurance cost rate optimization, and the industry's Matthew effect is expected to be further strengthened. Currently, sector valuation still has a high margin of safety, and long-term allocation value is remarkable.

According to the CITIC Construction Investment Research Report, looking back at the insurance sector's performance in the first half of 2026, debt-side life insurance NBV and financial insurance underwriting profits both maintained steady growth, and the positive asset-side equity market led to a general improvement in total return on investment. Looking ahead to the future market, the main investment line in the insurance sector is expected to gradually switch to investment opportunities based on medium- to long-term value valuation repair and high dividend allocation. Strong demand for residents' savings insurance+favorable “anti-domestic” policies in the industry+channel-side efforts to expand incremental+dividend insurance resonate, and the long-term positive trend on the life insurance debt side is clear; the “integration of reporting” and comprehensive management of non-auto insurance directly hit the pain points of the industry's aggressive expansion model, which is expected to drive financial insurance cost rate optimization, and the industry's Matthew effect is expected to be further strengthened. Currently, sector valuation still has a high margin of safety, and long-term allocation value is remarkable.