The overlooked insurance ‘old hands’ are quietly making money - 36Kr

Major Chinese insurers, including China Life and New China Life, sharply increased equity and tech-stock allocations in Q2, lifting first-half profits.

The rally in “hard tech” names such as GigaDevice and Changelong-related stocks, plus the new accounting rules, boosted unrealized gains.

Insurers including PICC, CPIC and Sunlife say they will keep raising equity exposure to support returns.

But much of the profit surge came from paper gains and FVTPL-related market swings, so it may not reflect lasting improvement in operating performance.