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<Research>Citi Prefers CHINA LIFE/ PING AN for CN Insurers, PICC P&C for Property Insurers
Recommend 40 Positive 66 Negative 34 |
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Citi has released a report on Chinese insurer stocks, predicting that life insurers will embrace a historic opportunity due to wealth reallocation. Retail investors, responding to the maturity of a large amount of bank deposits, will seek higher reinvestment yields. The broker also expects the profit margins of life insurers to remain stable as the reduction in pricing interest rates last September will offset the erosion of profit margins caused by a shift in product mix towards participating policies. Citi favors industry leaders such as CHINA LIFE (02628.HK) and PING AN (02318.HK), given that a significant K-shaped growth divergence between leading insurers and small- to medium-sized insurers will occur amid ongoing regulatory tightening. In the property insurance sector, Citi estimates leading insurer PICC P&C (02328.HK) to benefit the most, which is likely to deliver industry-leading performance. Stock | Investment Rating | Target Price CHINA LIFE (02628.HK) | Buy | HKD27.7 -> HKD38 CPIC (02601.HK) | Buy | HKD40.5 -> HKD44.4 CHINA RE (01508.HK) | Neutral | HKD1.37 -> HKD1.7 CHINA TAIPING (00966.HK) | Neutral | HKD17.6 -> HKD22.2 NCI (01336.HK) | Neutral | HKD50.7 -> HKD62.5 PICC GROUP (01339.HK) | Buy | HKD7.5 -> HKD7.8 PICC P&C (02328.HK) | Buy | HKD21.2 PING AN (02318.HK) | Buy | HKD68 -> HKD79 AAStocks Financial News |
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