October 16th, Morgan Stanley's research report believes that the performance of domestic insurance in the third quarter was ideal in all major indicators, mainly driven by the stock market rebound in September, with most companies' third-quarter profits growing by over 60% year-on-year. The growth of the industry's New Business Value (VNB) may also be quite strong, averaging over 50%. The combined ratio (CoR) of Property and Casualty (P&C) insurance companies remains healthy, ranging between 98.8% and 99.6% in the third quarter. Morgan Stanley estimates that the net income growth of mainland insurance companies in the third quarter could reach 29% to 102%, with the fastest growth expected from New China Life Insurance (estimated to increase by 102% in net income from the previous quarter), China Life Insurance (estimated to increase by 90% in net income from the previous quarter), the people's Insurance (estimated to increase by 73% in net income from the previous quarter), and China Pacific Insurance (estimated to increase by 66% in net income from the previous quarter).