According to a research report published by CMB International, China Financial Insurance confirmed on Investor Day 2026 that the scale of personal non-car insurance and underwriting profits will become the second growth curve during the “15th Five-Year Plan” planning period. Personal non-car insurance premiums for the first three quarters of 2026 were $50.3 billion, an increase of 16.3% over the previous year, and an increase of about 7 billion yuan, accounting for 97% of the company's total premium increase. The company aims to exceed 60 billion yuan in 2026 and aims to reach 100 billion yuan by 2030, which means a compound annual growth rate of about 13.6%. By 2030, if the comprehensive cost ratio is further improved to 95%, the share of underwritten profit can be expanded to close to 20%. The bank maintained its “buy” rating and extended the valuation benchmark to the 2027 forecast. The target price was raised from HK$20 to HK$21, which is equivalent to 1.3 times the 2027 forecast market account ratio.

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