** Deutsche Bank expects European insurers to grow book value by about 8%, earnings by 9% and offer dividend yield of 4.5% in 2026

** Says sector backed by strong capital and cash flow, outperforming the European market but lagging banks in recent years

** Notes life insurance could regain favour with "healthy" interest rates, particularly in the UK and Asia, while retail property and motor insurance pricing remains supportive

** Adds technology upgrades, including AI, should help cut costs and improve customer service

** Brokerage’s top picks are Aviva AV.L and AXA AXAF.PA among European composites; Admiral ADML.L in UK motor; AIA 1299.HK and Prudential PRU.L for Asia life

** Rates Allianz ALVG.DE, Zurich ZURN.S and Generali GASI.MI as "hold"

(Reporting by Mirko Miorelli)

((Mirko.miorelli@thomsonreuters.com))