China SMid Insurance JPM Insurance Forum takeaways: From volume to value; read-across emerging themes

Research evidence excerpt

China SMid Insurance JPM Insurance Forum takeaways: From volume to value; read-across emerging themes

hort-term single-premium. This shift is supporting a Unbundling regime, you may only be eligible to

healthier NBV margin outlook across the sector. On distribution, intensified participate in this event if you have the

bancassurance competition has accelerated industry polarization: Leading banks appropriate level of access to J.P. Morgan

are increasingly prioritizing partnerships with large, reputable insurers, leaving research. Please check your eligibility before

participating/accessing. If you are unsure as to

SMid-cap players at a structural disadvantage. Consequently, investors are de- your eligibility, please reach out to your usual

emphasizing top-line premium scale and instead anchoring valuations on J.P. Morgan contact.

quality-focused metrics, including NBV margin outlook, the proportion of long-

duration regular business in FYP, and distribution channel diversification. JPM Asia Insurance Forum takeaway

• Capital efficiency. The upcoming C-ROSS II Phase 3 is expected to be more summary: JPM Asia Insurance Forum Highlights

accommodative to less-capital-intensive participating policies. As the entire From risk to growth bias: Takeaways and

industry pivots toward par product, insurers are better positioned to decouple picks as investor interest perks up, 14 May

business expansion from capital consumption, reducing reliance on external 2026

financing. Accordingly, investor focus has shifted from tracking solvency ratios China Life Insurance - H: Value-driven

and short-term capital replenishment plans to accessing long-term value based sales momentum with capital framework in

on capital efficiency.