汇丰HSBC：全球保险行业研究：投资方向何在？-2602（英文版）（83页）.pdf

1、Disclosures&Disclaimer:This report must be read with the disclosures and the analyst certifications inthe Disclosure appendix,and with the Disclaimer,which forms part of February 2026Play video withFaizan LakhaniBy:Faizan LakhaniGlobal insuranceWhere to invest?A new proprietary framework to understa

2、nd the global insurance sector and what creates value,capturing both EM and DMAfter three years of strong performance,we see limited scope for further outsized returnsWe advocate a barbell approach our preference is India,Saudi Arabia and Europe multi-line;we bucket our global Buy ideas into quality

3、&defensive,structural growth,value,self-help,and incomeSP OTLIGHTEquitiesInsurance 1 Equities Insurance February 2026 This report marks our inaugural analysis of the global insurance sector.The objectives of this note are threefold:(1)to identify historical drivers of value and establish a proprieta

4、ry framework;(2)to provide a high-level overview of prevailing global insurance trends;and(3)to outline strategic positioning and opportunities for 2026 globally,bringing together EM and DM.A fruitful three years,four feels a stretch Following seven-years of modest,mid-single digit total shareholder

5、 returns,global insurers experienced a notable three-year upswing:17%in 2023,30%in 2024,and a further 24%in 2025.This rally was primarily earnings-driven,supported by a sector re-rating and strong cash distributions.However,as we look to 2026,we expect the factors underpinning this growth to moderat

6、e.Reinsurance and commercial pricing are softening,with retail following suit.The gap between reinvestment and running yields is narrowing,and anticipated global interest rate reductions will compress this further.Most insurers now trade at a premium to historical valuation multiples,suggesting limi