CITIC Securities: Insurance industry's first quarter report exceeds expectations, reiterates that the sector is stronger than the overall market.

According to the research report of CITIC Securities, the overall performance of the insurance industry in the first quarter exceeded expectations, with three validations: the high growth of new business value confirmed that leading companies are benefiting from market reshuffling, the effectiveness of some leading companies' transformation from dividend insurance to asset management verified the feasibility of the company's transition from self-operated to asset management business models, and the substantial improvement in the core solvency adequacy ratio validated that leading companies have accumulated a large amount of unrealized gains by extending the duration of their assets in the past five years. CITIC Securities reiterated its view that the insurance sector is stronger than the overall market, and listed insurance companies all have investment value.