Citi's report predicts strong performance for Chinese life insurers in the first half of 2026, driven by double-digit growth in first-year premiums and new business value, supported by strong bancassurance momentum. Improved stock market performance in the second quarter of 2026 is expected to lead to positive profit alerts from life insurance-focused insurers due to increased investment income. However, property and casualty insurers are expected to see flat premium income growth due to weak new car sales. Citi has initiated a 30-day positive catalyst watch on China Life and NCI, anticipating potential positive profit alerts.
