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<Research>HSBC Research: Optimism Remains on CN Life Insurers; PING AN Listed as Sector Top Pick
Recommend 21 Positive 40 Negative 22 |
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Chinese insurers had a very strong 2025 results due to higher investment returns driven by the overall stock market rebound, HSBC Global Research issued a research report saying. However, this year's investment logic will differ significantly as insurers are shifting their product mix towards participating products that offer lower guaranteed returns, re-focusing on the ability to create new business value. The broker remained optimistic about Chinese life insurers, and anticipated that investors will incorporate new business value growth into their valuation framework. HSBC Global Research adjusted its ratings for Chinese insurers, and upgraded PING AN OF CHINA (601318.SH)'s A-shares from Hold to Buy. The broker preferred it over CHINA LIFE (02628.HK), and designated PING AN (02318.HK)'s H-/ A-shares as its sector top pick. HSBC Global Research believed that PING AN has the most capable agency team among its Chinese peers. PING AN enhanced its bargaining power with banks by increasing shareholdings in banks. HSBC Global Research held the most cautious view on NCI (01336.HK). Furthermore, the broker maintained a cautious stance on CHINA LIFE due to its significantly higher sensitivity to capital market fluctuations compared to PING AN. AASTOCKS Financial News Website: www.aastocks.com |
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