Morgan Stanley expects that the after-tax operating profit of the life insurance sector will record steady growth in the first quarter, with healthy growth in new business value

Morgan Stanley's report indicates that the after-tax operating profit of Chinese insurance companies is expected to grow steadily in the first quarter of 2023, but net profit may show divergence due to stock market fluctuations, with most companies likely facing declines. The new business value is expected to grow healthily, especially for large insurance companies, and property insurance companies will also demonstrate good comprehensive cost ratios. Stock market volatility poses pressure on profits, with the CSI 300 index falling by 3.9%, while the slight rise in the 10-year government bond yield may partially offset stock investment losses