JPMorgan released a research report indicating that Hong Kong-listed insurance stocks outperformed their Asia-Pacific peers in 2025, with China Life Insurance (02628) surging 87%, surpassing the Hang Seng Index's 28% gain. The firm anticipates that 2026 will be a year where the robust balance sheets, stable distribution channels, and optimized product mixes of major life insurers gain market recognition. PING AN (02318) is the bank's top pick, assigned an "Overweight" rating with a target price raised to HK$100. It is followed by China Life Insurance (02628) with a target price of HK$40. The bank also upgraded China Taiping (02601) from "Neutral" to "Overweight," reflecting its fundamental recovery. However, it downgraded New China Life Insurance (01336) from "Overweight" to "Neutral," primarily due to a widening gap in reserve quality relative to major life insurers following a strong stock price increase in 2025. For the non-life insurance sector, the bank maintains a cautious stance, keeping "Neutral" ratings on PICC Group (01339) and China Pacific Insurance (02328). The firm continues to prefer H-shares over A-shares, believing H-shares offer a more favorable risk-reward profile and expects the H-A share valuation gap to narrow. PING AN (02318) is trading at an attractive valuation of 7 times forecasted 2026 fiscal year price-to-earnings ratio and a 5% dividend yield.