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Hong Kong (HSI) Insurance Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies14
  • 7D3.7%
  • 3M16.7%
  • 1Y66.0%
  • YTD71.2%

Last week, the Insurance industry hasn't moved much but AIA Group is up 3.6% in that time. The past year has been better, since the industry has gained 69% in that time. Looking forward, earnings are forecast to decline by 7.6% per year.

Industry Valuation and Performance

Has the Hong Kong Insurance Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025HK$3.2tHK$2.3tHK$366.9b8.6x8.8x1.4x
Fri, 21 Nov 2025HK$3.1tHK$2.3tHK$363.5b9x8.6x1.4x
Sun, 19 Oct 2025HK$2.9tHK$2.2tHK$288.8b8.6x10x1.3x
Tue, 16 Sep 2025HK$2.9tHK$2.2tHK$288.8b8.6x10.1x1.3x
Thu, 14 Aug 2025HK$2.9tHK$2.1tHK$292.1b11x10x1.4x
Sat, 12 Jul 2025HK$2.7tHK$2.1tHK$292.1b9.6x9.4x1.3x
Mon, 09 Jun 2025HK$2.6tHK$2.1tHK$291.3b7.9x9x1.2x
Wed, 07 May 2025HK$2.4tHK$2.0tHK$284.7b8.2x8.3x1.2x
Fri, 04 Apr 2025HK$2.4tHK$2.0tHK$273.8b7.8x8.7x1.2x
Sun, 02 Mar 2025HK$2.3tHK$2.5tHK$221.4b8x10.5x0.9x
Tue, 28 Jan 2025HK$2.3tHK$2.5tHK$222.4b7.6x10.4x0.9x
Thu, 26 Dec 2024HK$2.4tHK$2.5tHK$220.7b7.4x10.9x1x
Sat, 23 Nov 2024HK$2.4tHK$2.5tHK$222.4b7.3x10.6x0.9x
Mon, 21 Oct 2024HK$2.6tHK$2.5tHK$142.8b8.8x17.9x1x
Wed, 18 Sep 2024HK$2.1tHK$2.5tHK$143.3b7.6x14.4x0.8x
Fri, 16 Aug 2024HK$1.9tHK$2.4tHK$118.9b8.4x16.1x0.8x
Sun, 14 Jul 2024HK$2.0tHK$2.4tHK$118.0b7.8x16.5x0.8x
Tue, 11 Jun 2024HK$2.0tHK$2.4tHK$118.1b8.5x16.9x0.8x
Thu, 09 May 2024HK$2.0tHK$2.4tHK$118.5b8x17x0.9x
Sat, 06 Apr 2024HK$1.9tHK$2.4tHK$124.3b8.5x15.1x0.8x
Mon, 04 Mar 2024HK$2.0tHK$2.9tHK$92.5b7.5x22x0.7x
Wed, 31 Jan 2024HK$2.0tHK$2.9tHK$93.4b7.1x20.9x0.7x
Fri, 29 Dec 2023HK$2.8tHK$4.5tHK$179.9b7.1x15.4x0.6x
Sun, 26 Nov 2023HK$3.0tHK$4.5tHK$178.2b7.8x16.6x0.7x
Tue, 24 Oct 2023HK$3.0tHK$4.4tHK$191.6b8.1x15.8x0.7x
Thu, 21 Sep 2023HK$3.2tHK$4.4tHK$192.0b8.7x16.5x0.7x
Sat, 19 Aug 2023HK$3.2tHK$4.2tHK$207.1b8.7x15.2x0.8x
Mon, 17 Jul 2023HK$3.3tHK$4.2tHK$210.9b9.1x15.9x0.8x
Wed, 14 Jun 2023HK$3.5tHK$4.2tHK$211.1b9.6x16.7x0.8x
Fri, 12 May 2023HK$3.7tHK$4.3tHK$215.5b10.2x17.1x0.9x
Sun, 09 Apr 2023HK$3.3tHK$4.3tHK$200.4b9.8x16.6x0.8x
Tue, 07 Mar 2023HK$3.6tHK$4.4tHK$247.8b7.2x14.5x0.8x
Thu, 02 Feb 2023HK$3.7tHK$4.5tHK$253.7b7.8x14.5x0.8x
Sat, 31 Dec 2022HK$3.6tHK$4.3tHK$247.2b7.9x14.4x0.8x
Price to Earnings Ratio

14.4x


Total Market Cap: HK$3.6tTotal Earnings: HK$247.2bTotal Revenue: HK$4.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Insurance Industry Price to Earnings3Y Average 13.9x202320242025
Current Industry PE
  • Investors are pessimistic on the Hong Kong Insurance industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 8.8x which is lower than its 3-year average PE of 13.9x.
  • The 3-year average PS ratio of 0.93x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 14% per year over the last three years.
  • Meanwhile revenues for these companies have declined 19% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

Which industries have driven the changes within the Hong Kong Financials industry?

HK Market1.86%
Financials2.96%
Insurance3.75%
General Insurance6.24%
Reinsurance4.94%
Property and Casualty Insurance3.93%
Life and Health Insurance3.62%
Insurance Brokers0%0
Industry PE
  • Investors are most optimistic about the General Insurance industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 6.2%, which is higher than its past year's earnings growth of 2.3% per year.
  • Investors are most pessimistic about the Reinsurance industry, which is trading close to its 3-year average of 5.6x.
Forecasted Growth
  • Analysts are most optimistic on the General Insurance industry, expecting annual earnings growth of 6.2% over the next 5 years.
  • This is better than its past earnings growth rate of 2.3% per year.
  • In contrast, the Life and Health Insurance industry is expected to see its earnings decline by 12% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
1299 AIA GroupHK$83.252.8%
+HK$24.1b		46.8%PE18.5x
1339 People's Insurance Company (Group) of ChinaHK$6.913.6%
+HK$10.6b		82.3%PE5.2x
1508 China Reinsurance (Group)HK$1.726.2%
+HK$4.2b		97.7%PE6x
6963 Sunshine Insurance GroupHK$4.054.9%
+HK$2.2b		47.8%PE7.4x
966 China Taiping Insurance HoldingsHK$19.302.6%
+HK$1.8b		62.2%PE8.5x

Latest News

1299
HK$83.25
AIA Group
7D
2.8%
1Y
46.8%

1299: Stable Margins And Discount Rate Will Support Future Upside Potential

Analysts have nudged their price target on AIA Group slightly higher to reflect a modest increase in fair value to approximately $95.32, supported by stable discount rate assumptions and unchanged expectations for long term revenue growth, profit margins, and future valuation multiples. Valuation Changes The fair value estimate has risen slightly, increasing from HK$95.14 to approximately HK$95.32 per share.
2628
HK$28.44
China Life Insurance
7D
-0.4%
1Y
91.4%

2628: Future Profits And Dividend Policy Will Support Balanced Shareholder Returns

Analysts have nudged their price target on China Life Insurance slightly lower to approximately $28.57 from about $28.58. This reflects marginally more conservative assumptions on future valuation multiples, while growth and profitability expectations remain essentially unchanged.
1339
HK$6.91
People's Insurance Company (Group) of China
7D
3.6%
1Y
82.3%

1339: Dividend Payout And Non Auto Expansion Will Drive Future Performance

Analysts have slightly raised their price target on People's Insurance Company Group of China, citing modest improvements in fair value estimates and discount rate assumptions that together support a marginally higher valuation, now implying upside of approximately CNY 7.78 per share, up from around CNY 7.76 previously. What's in the News Extraordinary general meeting on 30 October 2025 approved the 2025 interim profit distribution and amendments to the authorization plan for the board of directors (company EGM).
6060
HK$16.12
ZhongAn Online P & C Insurance
7D
5.6%
1Y
35.0%

6060: Higher Profit Margins Will Support Stronger Long Term Upside Potential

Analysts have modestly raised their price target for ZhongAn Online P & C Insurance to about $28.30 from roughly $27.99. This reflects slightly higher long term profit margin expectations that more than offset a small slowdown in projected revenue growth and a lower assumed future price to earnings multiple.
1508
HK$1.72
China Reinsurance (Group)
7D
6.2%
1Y
97.7%

1508: Governance Overhaul Will Support Stronger Prospects Despite Margin Pressure

Analysts have modestly raised their price target on China Reinsurance Group, reflecting improved fair value estimates to approximately $2.11, along with expectations for stronger revenue growth despite slightly lower profit margins and a reduced future price to earnings multiple. What's in the News Board approves extensive amendments to the Articles of Association, including aligning with the latest PRC Company Law, transferring supervisory functions to the board audit committee, and revising provisions on compliance responsibilities and financial assistance for share purchases (company announcement).
2328
HK$16.60
PICC Property and Casualty
7D
0.4%
1Y
34.3%

2328: Earnings Momentum Will Support Stronger Margins And Shareholder Returns

Narrative Update on PICC Property and Casualty Analysts have raised their price target on PICC Property and Casualty by approximately $1.83, reflecting higher expected profit margins and a modestly lower future P/E multiple, despite slightly softer projected revenue growth and a marginally higher discount rate. What's in the News Regulator NFRA approved amendments to PICC Property and Casualty's Articles of Association, making the new corporate governance framework effective from 20 November 2025 (Key Developments).
966
HK$19.30
China Taiping Insurance Holdings
7D
2.6%
1Y
62.2%
376
HK$3.35
Yunfeng Financial Group
7D
4.4%
1Y
225.2%

Yunfeng Financial Group Limited (HKG:376) Shares May Have Slumped 28% But Getting In Cheap Is Still Unlikely

Nov 02
Yunfeng Financial Group Limited (HKG:376) Shares May Have Slumped 28% But Getting In Cheap Is Still Unlikely
2621
HK$3.46
Shouhui Group
7D
-1.7%
1Y
n/a
6963
HK$4.05
Sunshine Insurance Group
7D
4.9%
1Y
47.8%
1828
HK$38.28
FWD Group Holdings
7D
-0.5%
1Y
n/a