According to the Securities Times app, mainland insurance companies collectively declined. As of the time of publication, New China Life Insurance (01336) fell by 4.93%, to HK$27; China Pacific Insurance (02601) fell by 4.63%, to HK$26.75; China Life Insurance (02628) fell by 4.45%, to HK$16.32; The People's Insurance (01339) fell by 1.93%, to HK$4.06.

Guosen Securities pointed out that on the liability side, affected by factors such as 'speculative selling' etc., market concerns have been raised about the overdrawn part of the fourth-quarter insurance demand in the short term. We expect that during the 'New Year' period, incremental opportunities may focus on the incremental insurance demand brought by the combination of product strategy, thereby contributing to stable demand for insurance companies' asset allocation. On the asset side, looking ahead to the first quarter of 2025, with the expansion of renewal and new premium scales and the expiration of existing non-standard assets, it is expected that insurance asset allocation demand will remain high; we continue to be bullish on the extension of insurance asset allocation demands in the first quarter.

Lyon released a research report stating that Chinese insurance companies have generally announced the third-quarter performance. The financial reports show that the profit growth of mainland insurance companies rated in the first three quarters ranges from 36% to 174%, mainly driven by investment income, consistent with expectations. In terms of core insurance business, China People's Insurance, China Life Insurance, and Ping An Insurance performed better in the third quarter compared to their peers. Lyon pointed out that in terms of PE ratio and dividend yield calculation, People's Insurance is relatively cheaper than its peers.