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【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.
【Brokerage Focus】China Securities Co.,Ltd. pointed out that the liability side of the insurance industry is expected to experience increased quantity and improved quality. Bullish on the cyclical trend of Insurance stocks.
Jinwu Financial News | China Securities Co.,Ltd. Research Reports indicate that the liability side of the insurance industry is expected to see increased volume and improved quality, with bullish prospects for insurance assets. The institution states that from the liability side, the current product competitiveness remains prominent in horizontal comparisons, coupled with the continuous emergence of channel reform results and the sustained optimization of agent productivity, new policy premiums are still expected to achieve steady growth. From the asset side, with the introduction and effective implementation of a series of policies to stabilize growth, the macroeconomic growth momentum is likely to improve. This week, the People's Bank of China monetary policy committee meeting suggested increasing the intensity of monetary policy regulation, based on domestic and international economic financial conditions and the running of the financial market.
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.
China International Capital Corporation: raises the Target Price of PICC GROUP (01339) to HKD 6.2, with a rating of 'Outperform'.
The bank stated that PICC GROUP (01339) had a net profit increase of 88.8% to 42.2 billion yuan last year, which meets the bank's expectations and the profit forecast issued by the company.
