CITIC Bank Expects to Keep Second Place in Overall Market Size and Annual Increment of Assets Under Management for the Full Year, Widening the Gap with the Next Competitor

On November 3, a financial frontline report said that CITIC Bank (ASX: 00998) held its third-quarter 2026 earnings briefing today.

Looking ahead to full-year growth in assets under management, the head of the wealth management department noted that the market is currently in a period of profound change driven by three forces: the macroeconomic environment, customer demand, and technological progress. From the overall market situation in the fourth quarter, growth in deposits and stable-type products forms the foundation of growth in the market's assets under management scale, while the performance of the equity market will determine the degree of dispersion in overall scale growth, both upward and downward.

The head said that, looking at CITIC Bank's overall situation, CITIC Bank expects to continue to maintain its competitive position of second place in the market in terms of both overall scale and annual increment, and will further widen the gap with the next competitor. It is expected that the full-year 2026 increment in assets under management will continue to remain better than the 2025 level.

Turning to the impact of the new bancassurance policy on insurance agency sales, the head pointed out that, based on overall industry-wide bancassurance market data, both July and August achieved relatively large year-on-year negative growth, but the recovery trend is clear, with August and September both achieving positive month-on-month growth, and September achieving positive year-on-year growth. CITIC Bank's overall situation is consistent with the industry trend. But starting from September, in terms of both premium income and intermediary business income, CITIC Bank's recovery trend has been better than the industry average, maintaining relatively good growth.

The head believes that the impact of the policy is short-term, and over the medium to long term, the in-depth implementation of the policy will help the bancassurance ecosystem evolve. The head further pointed out that after the policy was introduced, looking at the overall market's product structure, customers prefer long-term cash flow and participating-type allocations, with the share of medium- and short-term products declining and long-term protection rising. At CITIC Bank overall, the share of participating insurance reached 92%, and annuity products accounted for more than 46% of participating insurance products, further optimizing the product structure.