JPM Asia Insurance Forum Highlights From risk to growth bias: Takeaways and picks as investor interest perks up

Research evidence excerpt

JPM Asia Insurance Forum Highlights From risk to growth bias: Takeaways and picks as investor interest perks up

the forum reinforced our positive view on Hong Kong credits. J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

• Solvency capital. Major Asian markets are undergoing solvency capital Dan Wang

framework upgrades — a central focus of investor dialogue this year. These

(86-21) 6106-6349

include C-ROSS II Phase 3 (China), amended rules 2026 and GL17 (HK), core dan.wang@jpmorgan.com

capital framework (Korea), T-ICS (Taiwan), and risk-based capital (India). SAC Registration Number: S1730524080001

The frameworks are broadly grounded in a market-consistent approach to both J.P. Morgan Securities (China) Company Limited

assets and liabilities, making asset-liability management (ALM) key. Julia Kim

Importantly, and contrary to initial market concerns, the tightening appears (852) 2800-8540

accompanied by generous transition periods and, in several cases, relaxed julia.c.kim@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

capital charges on certain asset classes — notably equities and infrastructure. Morgan Broking (Hong Kong) Limited

• China. We were positively surprised by major life insurers’ strong conviction Amanda Chang

on life sales growth for the remainder of the year. We sense potential market (886-2) 2725-9861

polarisation in the bancassurance channel, disproportionately benefiting larger amanda.chang@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

players. Insurers are increasingly focused on protection and health riders, and

Saima Ali

we anticipate margin enhancement to become a key discussion in 2H26.

(91-22) 6157-3591

• India.