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Credit Suisse expected Chinese insurance sector to post a mid-single-digit 1H19 VNB rise, while facing FYP growth headwinds, difficulty in recruitment and retention of agents, and product mix change. The top-pick Chinese insurer was CHINA LIFE (02628.HK).
The broker revised target prices on Chinese insurers. China Life and PING AN (02318.HK) were kept at Outperform, with respective target of $26 and $113 (up from $25 and $112). NCI (01336.HK) and CHINA TAIPING (00966.HK) were kept at Outperform, with respective target of $48.5 and $28 (down from $51 and $30).
PICC P&C (02328.HK) was kept at Neutral, with target lifted to $10.2 from $9.5. CPIC (02601.HK) was maintained at Outperform, with an unchanged target at $38.
AAStocks Financial News
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