--- title: "JPM: Mid-Interim Dividend Surprises From Chinese Insurers May Reshape Trading Pattern; PING AN and CHINA LIFE Preferred" type: "News" locale: "en" url: "https://longbridge.com/en/news/294642331.md" description: "JPMorgan forecasts Chinese insurers' interim dividends to rise 15% YoY, potentially reshaping trading patterns. Highlighting PING AN and CHINA LIFE as top H-share picks due to attractive yields and strong capital positions, JPM raised target prices by ~5%. The broker expects core earnings recovery and double-digit new business growth in 1H26, favoring H-shares over A-shares for better risk-reward." datetime: "2026-08-03T05:06:42.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294642331.md) - [en](https://longbridge.com/en/news/294642331.md) - [zh-HK](https://longbridge.com/zh-HK/news/294642331.md) --- # JPM: Mid-Interim Dividend Surprises From Chinese Insurers May Reshape Trading Pattern; PING AN and CHINA LIFE Preferred JPM released a research report noting that Chinese insurers have underperformed since the beginning of the year, with persistent market concerns over earnings quality as profit growth was seen as mainly driven by investment income rather than core insurance operations. However, the broker expects the interim results season in mid-to-late August to become a turning point, with dividend guidance, capital deployment and recovery in core earnings drawing more attention than overall profit growth. JPM forecasts the industry's average interim dividend to rise 15% YoY, with CHINA LIFE (02628.HK) \-0.340 (-1.164%) Short selling $94.28M; Ratio 18.141% 's interim dividend potentially increasing by 20%. JPM believes H-share insurers offer better risk-reward than A-share peers due to more attractive dividend support. Its top H-share pick is PING AN (02318.HK) \-0.500 (-0.853%) Short selling $77.59M; Ratio 11.677% , followed by CHINA LIFE (02628.HK) \-0.340 (-1.164%) Short selling $94.28M; Ratio 18.141% and CPIC (02601.HK) \-0.220 (-0.720%) Short selling $4.24M; Ratio 4.293% . PING AN (02318.HK) \-0.500 (-0.853%) Short selling $77.59M; Ratio 11.677% 's H-shares are currently trading at 6x forecast 2026 P/E with a dividend yield of 5.8%, the highest in the sector. CHINA LIFE (02628.HK) \-0.340 (-1.164%) Short selling $94.28M; Ratio 18.141% 's H-share dividend yield stands at 4%, but JPM forecasts its DPS in 2026 to grow 20% YoY, far above the market expectation of 7%, while its strong capital position supports potential share buybacks. CPIC (02601.HK) \-0.220 (-0.720%) Short selling $4.24M; Ratio 4.293% 's first interim dividend proposal supports the Overweight rating. For life insurance sales, JPM expects average value of new business growth in 1H26 to rise 17% YoY, reflecting continued double-digit expansion in future profit from new policies. In property insurance, the broker forecasts PICC P&C (02328.HK) \-0.070 (-0.427%) Short selling $26.92M; Ratio 12.383% 's combined ratio for 1H26 at 94.7%, improving 0.1 ppts YoY, but remains concerned about the investment profit outlook for non-life insurers amid falling interest rates. The broker extended its TP forecast period from Dec 2026 to Dec 2027 and raised TPs by around 5% on average, reflecting steady business recovery, stronger solvency and improving core earnings prospects. JPM's investment ratings and TPs for Chinese insurers are listed below: Stock | Investment Rating | TP (HKD) PING AN (02318.HK) \-0.500 (-0.853%) Short selling $77.59M; Ratio 11.677% | Overweight | HKD90 -\> HKD95 CHINA LIFE (02628.HK) \-0.340 (-1.164%) Short selling $94.28M; Ratio 18.141% | Overweight | HKD40 CPIC (02601.HK) \-0.220 (-0.720%) Short selling $4.24M; Ratio 4.293% | Overweight | HKD43 NCI (01336.HK) \-0.260 (-0.538%) Short selling $14.49M; Ratio 13.920% | Neutral | HKD45 -\> HKD46 PICC GROUP (01339.HK) \-0.095 (-1.740%) Short selling $9.25M; Ratio 13.908% | Neutral | HKD5.8 -\> HKD6 PICC P&C (02328.HK) \-0.070 (-0.427%) Short selling $26.92M; Ratio 12.383% | Neutral | HKD14 -\> HKD15 (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-03 12:25.) ### Related Stocks - [PNGAY.US](https://longbridge.com/en/quote/PNGAY.US.md) - [02628.HK](https://longbridge.com/en/quote/02628.HK.md) - [02318.HK](https://longbridge.com/en/quote/02318.HK.md) - [601628.CN](https://longbridge.com/en/quote/601628.CN.md) - [601318.CN](https://longbridge.com/en/quote/601318.CN.md) - [JPM.US](https://longbridge.com/en/quote/JPM.US.md) - [02601.HK](https://longbridge.com/en/quote/02601.HK.md) - [601601.CN](https://longbridge.com/en/quote/601601.CN.md) - [02328.HK](https://longbridge.com/en/quote/02328.HK.md) - [01336.HK](https://longbridge.com/en/quote/01336.HK.md) - [601336.CN](https://longbridge.com/en/quote/601336.CN.md) - [01339.HK](https://longbridge.com/en/quote/01339.HK.md) - [601319.CN](https://longbridge.com/en/quote/601319.CN.md) - [JPM-M.US](https://longbridge.com/en/quote/JPM-M.US.md) - [JPM-C.US](https://longbridge.com/en/quote/JPM-C.US.md) - [JPM-D.US](https://longbridge.com/en/quote/JPM-D.US.md) - [JPM-L.US](https://longbridge.com/en/quote/JPM-L.US.md) - [8634.JP](https://longbridge.com/en/quote/8634.JP.md) - [JPM-K.US](https://longbridge.com/en/quote/JPM-K.US.md) - [JPM-J.US](https://longbridge.com/en/quote/JPM-J.US.md) - [82318.HK](https://longbridge.com/en/quote/82318.HK.md) ## Related News & Research - [China Life schedules 2026 interim results briefing webcast](https://longbridge.com/en/news/296323815.md) - [Ping An schedules interim results webcast presentation](https://longbridge.com/en/news/295775568.md) - [22:56 ETPing An Mobilizes Rapid Response to Typhoon Dolphin](https://longbridge.com/en/news/295605845.md) - [Zander Insurance Earns Second Consecutive Big "I" Best Practices Agency Recognition](https://longbridge.com/en/news/296276131.md) - [QQQI’s 14% yield erases a $500,000 cost basis in seven years, then the tax bill lands](https://longbridge.com/en/news/296151730.md)