Galaxy Securities pointed out that due to the decline in the base, the adjustment of product sales strategy and the gradual stabilization of the team of agents, the decline in core business indicators of life insurance of insurance companies narrowed quarter by quarter, and the margin of debt improved. Affected by the relief of the epidemic and the increase in the stimulus policy of automobile consumption, the production dangerous scene is on the rise. At present, the valuation of the insurance sector is historically low and has a high margin of safety, so it is recommended to pay attention to the value of allocation.