1Q26保险基金：核心股票维持了十几的份额；生命核心偿付能力环比反弹

China Insurance sustained mid-teens share; Lifecore solvency rebounded 1Q26insurance fund: Coreequitiessustained mid-teens share; Life coresolvencyreboundedQoQ The NFRA reported 1Q26 insurance fundinvestments. Total insurance funds amountedto RMB39.4tn, up 2.5% QoQ/12.9% YoY supported by resilient premium growth (1Q26:+6.3%). In 1Q26, the industry’s total assets/net assetswereup 2.8%/3.2%fromyear-start,well tracking thegrowthof insurance fundinvestments(Fig.2).Insurance fundsfrompersonal life/P&C companies totalled RMB35.6tn/RMB2.5tn (90.1%/6.3% mix),up2.6%/2.3% from year-start.On the asset allocation front, we see key trends incl. 1) coreequitiessustained a mid-teens share (15.5%)in 1Q26 albeit with intensified stock marketvolatilities,andpositionsinequity fundswere expandedmore rapidly thaninstocks; 2)bonds remained theballast of insurance fund investment whichmade up overhalf oftheexposure (50.5%);3) long-term equity (LTE) investment grew sequentially for lifeinsurersbutflattened among P&Cinsurers; and 4) growth in exposure to bank depositsand other assets(mainly non-standard assets, NSA)fell4.9pct/1.7pct from 4Q25.Life ChinaInsurance Sector Nika MA(852) 3900 0805nikama@cmbi.com.hk Recent reports: 1.China Insurance-1-3M26: Life growthresilient and P&C marginally recovered inMarch, Apr 28, 2026 (link) 2.China Insurance-1-2M26:Lifesustaineddouble-digit rise;P&C autopremiumsdipped for two consecutivemonths,Apr 2, 2026 (link) 3.China Insurance-Sunshine InsuranceFY25: Strong NBV momentum; One-offtax gain lifted net profit, Mar 18 2026 (link) Insurance fund investment edged updrivenbyrobust premium growth.Totalinsurance fundsreachedRMB39.4tn, up 2.5%/12.9% QoQ/YoY in 1Q26, supportedby resilientgrowthintotalpremiums(1Q26: +6.3%YoY).Yet, thesequential increasepaced downa bitfromFY25(+2.7%/15.7% QoQ/YoY),as premium growth sloweddownfrom+7.4% YoY in FY25.The increase in total insurance fundswas RMB0.96tnin 1Q26, down 5.8% QoQ, which we view as a result ofenhanced liability-driveninvestmentassets,partiallyoffset by heightened fair value losses from 1)softeningequity market returns(i.e. CSI300-3.9%/HSI-3.3%in1Q26),and 2) adecreaseinlong-term interest yield (i.e. CNGB10YR yield returned to 1.81%by end-1Q26).Life/P&C insurance fund investmentswereRMB35.55tn/RMB2.47tn in 1Q26, up 4.China Insurance-Dec Life and P&Cpremiums marginally improved,Feb 4,2026 (link) 5. China Insurance-Easing solvency riskfactors to steerinsurance funds into long-term stockholdings, Dec 8, 2025 (link) 6.中国保险-股票投资风险因子拟再优化，险资长钱加速入市可期,May 8, 2025(link) 7.China Insurance:Raised cap forinsurer’sequity asset allocation couldunleash max. RMB 1.7tn to stock market,Apr 9,2025 (link) Coreequitiessustainedmid-teenssharealongwith a flattened stock mix.Coreequities amounted to RMB5.9tn, up 3.5% QoQ, comprising 15.5% of total investmentassetsbyend-1Q26.Stocks and equity funds grew 2.7%/5.0% QoQ to RMB3.8/2.1tnin 1Q26 (10.1%/5.4% mix, flat/+0.1pct from 4Q25).Wenote the growth in stockinvestmentspaceddown for life and P&Cinsurers(1Q26: +2.7%/+3.1%vs.4Q25:+2.8%/+8.7%) possibly due toheightened stock market volatilitiesalongside overalleasing sentiment.Growth of equity funds, by contrast, rebounded for both life andP&C, with positionsrising 4.8%/6.7% QoQ in 1Q26 (vs. 4Q25: +0.3%/-4.6%). LTEgrew 5.0% QoQ to RMB2.98tn, mainly driven by recovery from life insurers(+5.3% 8.China Insurance-4Q24 insurancefunds:industry financial rate of returnextended rally in a five-quarter streak,Feb 25, 2025 (link) 9. China Insurance-11/12M Monthly: Lifesales diverged during the jumpstart; P&Csoftened by non-auto slowdown, 21 Jan, Bondsremained the ballast ofinsurance fundinvestments,makingup >50% ofexposure.In 1Q26, bond investmentstotalled RMB19.2tn, up 2.7% QoQ,whichmade up 50.5% of total insurance fund investments(vs. 4Q25: 50.4%). For life andP&C insurers, bond investment grew 2.7%/3.2%QoQto RMB18.2/1.0tn in 1Q26,indicatinga mix of 51.2%/41.0%.The increase in bondinvestmentsmet life insurers’demands forasset-liability duration matching,and we expect both life and P&Cwill 10. China Insurance-10M24 Monthly:Life premium retreated as expected, P&Cgrew with auto sales momentum, Nov 19, 11. China Insurance-9M24 Monthly: Lifegrowth normalized with highlights; P&Cexpected to see better UW profit, Oct 21,2024 (link) Slowdowninbuild-up ofbank depositsand other assets.Bank depositstotalledRMB3.1tn, up 1.2% QoQ (vs. 4Q25: +6.1% QoQ).The slowdown wasseen acrossboth life and P&C insurers,whose bank deposits grew0.9%/3.6% QoQ in 1Q26 (vs.4Q25: +6.5%/+3.9% QoQ), dragged byacontinued downtrend in banks’ term depositrates(i.e. 1YR/5YR SOE banks’ term deposit ratesat 0.95%/1.30%).P&C insurersrelymore on bank deposits(16.3% mix)than lifepeers,giventheirshorter liabilitydurationto meet demands for liquidity.Other assets (mainly NSA) grew 0.8% QoQ(vs. 4Q25: +2.5%) to RMB6.86tn,comprising18%of totalfunds.We attribute this 12. ChinaInsurance-8M24 Monthly: Lifejumpedon top of