Year-on-year contraction in cumulative nine-month net profits widened to 6%, 24%, and 15% for Ping An, CPIC and NCI, from 1% and 9% declines for Ping An and CPIC, and 9% growth for NCI in the first half, on weaker investment gains as a result of the faltering stock market and flat bond yields. The higher earnings volatility raises investors' concern about future dividend outlooks. We prefer Ping An among Chinese insurers as we like Ping An's strong growth momentum in the agent channel. Its management appeared to be more committed to a progressive dividend policy than peers, despite downward pressure on operating profits in 2023.