---
title: "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"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/283088504.md"
description: "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"
datetime: "2026-04-17T04:05:23.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/283088504.md)
  - [en](https://longbridge.com/en/news/283088504.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/283088504.md)
---

# 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 published a report expecting that the after-tax operating profit of Chinese insurance companies will achieve steady growth in the first quarter of this year, but the growth in net profit may show divergence due to stock market fluctuations, with most companies anticipating a decline.

The bank predicts that the new business value growth of mainland insurance companies should remain healthy, especially for large insurance firms, and that the quality of business will continue to improve. Property insurance companies are expected to deliver a satisfactory combined ratio.

The report indicates that stock market fluctuations may put pressure on the profitability of insurance companies, as the CSI 300 index fell by 3.9% in the first quarter, and insurance companies generally increased their equity allocation ratios by 2025. The yield on 10-year government bonds slightly rose by 2 basis points in the first quarter of 2026, which may bring some market value gains for bonds measured at fair value and whose changes are included in current profit and loss, thereby partially offsetting stock investment losses

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