China Insurance 3Q26 league tables: Resilient solvency amid earnings volatility and lower interest-rate risk

3Q26 solvency ratios remained broadly resilient despite widespread quarterly net losses across the sector. The average core solvency ratio edged up by 2%p q/q to 140% for major life insurers and down by 9%p q/q to 188% for major non-life insurers. During their 3Q earnings calls, major insurers collectively reaffirmed their commitment to stable dividends, highlighted steady growth in underlying core earnings (excluding short-term equity-market volatility), and pointed to a clear recovery in new business momentum since August. Supported by solid capital buffers, the virtuous cycle of contractual service margin (CSM) expansion, insurance profit growth and rising dividends remains firmly intact. More importantly, management commentary pointing to a swift rebound in 4Q new business sales, contrary to market fear, should bring the sector's attractive 5-8% dividend yields back into sharp focus. Furthermore, the anticipated year-end policy rollout for tax-incentivised long-term savings and eld