Insurers in Hong Kong and mainland China are expected to post stronger earnings, rising agent numbers and improving new business value, CGS International said.

Staff Reporter

, Hong Kong

Expanding HK talent schemes drove life security supplier numbers up 9% by December 2025.

Insurers successful Hong Kong and mainland China are expected to station stronger earnings, rising supplier numbers and improving caller business value, CGS International said.

The sector’s apical picks successful Hong Kong are AIA and Prudential. AIA is expected to study beardown fourth-quarter 2025 results aft beating nan Bloomberg statement successful nan 3rd quarter. 

Prudential is favoured for its full superior guidance yields. In mainland China, China Life and Ping An are nan preferred names. 

CGS International expects upward revisions to their fiscal twelvemonth 2025 (FY 2025) to 2027 (FY 2027) nett profit and caller business worth (NBV) forecasts. 

China Life is besides expected to rumor a affirmative profit alert successful January 2026. Current estimates are astir 15% supra Bloomberg statement for China Life’s FY 2025 nett profit.

Agent numbers successful Hong Kong’s life security manufacture roseate 9% year-on-year successful December 2025, reaching a 5.5-year high. 

The maturation is attributed to expanded talent schemes successful Hong Kong and beardown request from mainland Chinese customers seeking offshore wealthiness diversification.

Insurers person besides reported accelerated maturation inm Dollar Round Table agents since nan reopening of nan Hong Kong-mainland China border, suggesting higher productivity amongst agents serving mainland clients. 

Recent tighter regulations connected brokers are besides seen arsenic supportive of nan agency channel.

Hong Kong insurers are viewed arsenic well-positioned to pat rising overseas rate deposits successful mainland China, which person accrued 23% since June 2024. A steeper US output curve could make US dollar-denominated security policies much charismatic compared pinch US dollar clip deposits.

Analysts judge Bloomberg statement forecasts for FY 2025 to FY26 NBV stay excessively low, partially owed to underestimating nan effect of argumentation complaint cuts successful precocious August 2025 connected NBV margins.

The assemblage remains rated Overweight, supported by expected double-digit NBV maturation from FY 2025 to FY 2027 and ongoing superior guidance initiatives. 

However, risks see tighter regulation, a displacement of savings towards equities and wealthiness guidance products, and imaginable challenges successful sustaining supplier growth.
 

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