The continuation of the recovery of the life insurance business is worth paying attention to. We believe that the life insurance business of insurers is still expected to experience a weak recovery under the influence of factors such as stabilizing the number of agents, increasing per capita production capacity, maintaining bank continuity, and changes in the sales product structure. Ping An released its annual report on March 16, showing that capital market fluctuations had a clear impact on its 2022 performance. We think this may be common among listed insurers. Under the assumption that the return on total investment will gradually rise, the short-term performance of insurers is also expected to improve significantly. Based on debt-side recovery and asset-side elastic performance, we recommend Ping An of China, China Life Insurance, and China Taibao in that order.