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PICC P&C: 2024 Annual Report
Positive Outlook for PICC P&C: Strong Cost Management and Investment Growth Drive Buy Rating
Large banks rating | China Merchants International: Raised PICC P&C Target Price to 15.8 HKD and raised earnings per share estimates for 2025 to 2027.
Zhaoyin International published a report indicating that PICC P&C's net income increased by 30.9% year-on-year to 32.2 billion yuan last year, meeting the bank's expectations. However, the comprehensive cost ratio (CoR) worsened to 98.8%, an increase of 1 percentage point year-on-year, mainly due to the rise in the claims ratio exceeding the impact of the optimized expense ratio. Management provided strong guidance for this year's CoR forecast, expecting the CoR for motor and non-motor business to be below 96% and below 99% respectively, both exceeding expectations. The bank raised its earnings per share forecasts for PICC P&C for 2025 to 2027 by 6%, 11%, and 18%, to 1.58, 1.74, and 1.93 yuan.
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.
Economic observation of the first quarter | The insurance market is experiencing a "chilly spring": sales are cooling down and dividend insurance awaits a "breakthrough".
①In the first quarter, premium income has "cooled off". On one hand, this is influenced by the "high base" from the previous hot sales of savings insurance, and on the other hand, it is related to the regulatory restrictions on the maximum predetermined interest rates and the "one document for filing" policy. ②Against the backdrop of low interest rates, participating insurance products have certain competitive advantages, but for clients to truly trust and accept them, it requires guidance from high-quality agents and the accumulation of time.
Hong Kong stocks movement | PICC P&C (02328) rises nearly 5% against the trend, with yearly Net income up more than 30% year-on-year, Institutions indicate that its profit performance meets expectations.
PICC P&C (02328) rose nearly 5% against the market trend, as of the time of publication, it increased by 4.72%, reported at 15.08 HKD, with a transaction volume of 0.147 billion HKD.
