<Research Report>BofA ML: Rate cut poses positive near-term impact on Chinese insurers, with CPIC (02601) as top pick

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BofA ML: Rate cut poses positive near-term impact on Chinese insurers, with CPIC (02601) as top pick

2012-07-06 11:36:11

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Bank of America Merrill Lynch said the market expects lower rates would help boost premium demand. In the past month, the growth in premium income was seen recovery. The People's Bank cut interest rates further, if interest rates trend downward, Chinese insurers' interest spread expansion room would be harmed.

However, Merrill Lynch believes that rate cuts are favorable to demand improvement. The Bank holds bullish views toward the news on the Chinese insurer sector as the near term positives may outweigh negatives. Its top picks are CPIC (02601), NCI (01336) and PING AN (02318), whose premium incomes are expected to rebound substantially in the second half of the year. (r)

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