European Insurance News & Views "China insurance data and Standard Chart..."

研报英文原文证据摘录

European Insurance News & Views "China insurance data and Standard Chart..."

Global Research

19 May 2026ab

European Insurance News & Views Equities

Europe including UKChina insurance data and Standard Chartered

Investor day Financial

Nasib Ahmed, FIA

Analyst

nasib-za.ahmed@ubs.com

Headline: China insurance data and Standard Chartered Investor day +44-20-7568 8231

Will Hardcastle, CFA

The Chinese insurance regulator recently published industry statistics (see here) and we Analyst

summarise read-across for Pru below. Standard Chartered also held its investor day and will.hardcastle@ubs.com

we also summarise key points relevant for Pru below. +44-20-7567 9763

Qian Lu

UBS Summary: Analyst

qian-za.lu@ubs.com

+44-20-7567 4657

China insurance: Insurance AUM grew +2.5% qoq over 1Q26 in China, driven by

Chloe Ryanpremium growth, partially offset by fair value losses on equities and bonds. Equities was

Associate Analyst

the fastest-growing asset class which likely reflects the mix shift towards participating

chloe.ryan@ubs.com

products. Our China insurance analysts indicated moderation in 2QTD yoy first-year +44-20-7567 3505

premium growth. This is likely due to: 1) a concentration of deposit maturities in 1Q26;

2) insurers preparing for Bancassurance changes (effective from July); and 3) a tougher

comparable base. For Pru, management expects double-digit growth in NBP over 2026,

despite margin headwinds from a mix shift towards participating products. We note that

Pru could be negatively impacted from the Banca rule changes given it was a key growth

driver over 2025 (+59% yoy NBP growth versus -9% fall in NBP for Agency).

Standard Chartered: Bancassurance APE from Standard Chartered grew +15% CAGR

over 2023-25 (based on Pru's statistics). Standard Chartered indicated +12% CAGR