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Industrial Securities: In 2024, the performance of the Insurance Sector is expected to grow significantly, and the optimization of the asset-liability structure opens up space for valuation recovery.
Industrial Securities remains Bullish on the Insurance Sector, focusing on symbols with better performance stability and stronger performance elasticity.
Huaxi: In January and February, life insurance premiums faced pressure year-on-year, but the cost of liabilities is expected to improve.
From January to February, the cumulative premiums for personal insurance faced pressure, though the growth rate improved in February; both auto insurance and non-auto insurance premiums achieved steady growth.
Guotai Junan maintains the 'Shareholding' rating for the Insurance Industry, and it is expected that long-term capital market entry guidance will enhance equity Asset allocation.
Guotai Junan published a Research Report stating that on the liability side, adjustments to the guaranteed interest rate, the increase in the proportion of participating insurance, and the implementation of integrated multi-channel reporting will drive down the industry's liability costs. It is expected that by 2025, the NBV of listed companies will return to stable growth.
【Brokerage Focus】Industrial Securities maintains a "Shareholding" rating for PICC GROUP (01339), stating that the company's overall investment return rate rose last year.
Jingwu Financial News | Industrial Securities released a Research Report stating that PICC GROUP (01339) achieved insurance service income of 537.709 billion yuan in 2024 (according to China Accounting Standards, the same below), a year-on-year increase of 6.7%; realized Net income attributable to shareholders of the parent company of 42.151 billion yuan, a year-on-year increase of 88.8%. During the period, the group achieved a weighted average return on net assets of 16.4%, an increase of 7.0 percentage points compared to the same period in 2023; the net assets per share attributable to shareholders of the parent company were 6.08 yuan/share, an increase of 10.6% compared to the end of 2023. The bank stated that the total investment return rate increased:
Soochow: Asset-liability resonance drives high growth in Insurance performance, maintaining the Industry "Shareholding" rating.
The bank expects that with the recovery of the domestic economy in the future, if long-term interest rates continue to rise, the pressure on insurance companies from the new fixed income investment returns will ease somewhat.
Hong Kong stocks are showing unusual movements | Mainland Insurance Companies collectively rebounding, New China Life Insurance (01336) is currently up over 5%. Institutions state that there are improvement opportunities on both the asset and liability si
Mainland Insurance Companies are collectively recovering. As of the time of writing, New China Life Insurance (01336) is up 4.88%, trading at HK$32.25; The People's Insurance (01339) is up 2.43%, trading at HK$4.21; China Life Insurance (02628) is up 1.97%, trading at HK$15.5; Ping An Insurance (02318) is up 1.28%, trading at HK$47.5.
