CICC: The insurance industry's deposit ratio has significantly increased while the allocation of equity assets has marginally decreased.

Guolian Minsheng Securities released a research report stating that looking ahead to 2026, capital and liability resonance is expected to support the continued recovery of insurance valuations. On the liability side, the bank forecasts that dividend insurance is expected to attract some of the residents' "stored funds," and the good sales of dividend insurance are expected to support the good growth of new life insurance premiums and NBV; the implementation of "integration of underwriting and sales" for various types of property insurance by property insurance companies and actively optimizing business structures are expected to drive property insurance COR to stabilize and improve. As for the asset side, under the guidance of regulatory policies promoting long-term and slow bull markets in the capital market, and the gradual narrowing of the decline in long-term interest rates, insurance companies' investment income is expected to continue to improve.