Domestic insurance stocks rose collectively in the afternoon. As of press release, China Life Insurance (02628) rose 3.9% to HK$11.2; Ping An of China (02318) rose 3.46% to HK$37.35; China Taibao (02601) rose 2.71% to HK$20.5; and Xinhua Insurance (01336) rose 2.29% to HK$16.08.
The Zhitong Finance App learned that domestic insurance stocks rose collectively in the afternoon. As of press release, China Life Insurance (02628) rose 3.9% to HK$11.2; Ping An (02318) rose 3.46% to HK$37.35; China Taibao (02601) rose 2.71% to HK$20.5; and Xinhua Insurance (01336) rose 2.29% to HK$16.08.
According to the news, on June 19, Li Yunze, director of the China Financial Supervision and Administration, said at the 2024 Lujiazui Forum that the insurance industry has great potential to serve Chinese-style modernization. Insurance assets account for about 7% of China's total financial assets, while the international average is generally around 20%. He said that it will accelerate the improvement of the financial rule of law, improve the policy support system, and study and issue guidance to promote the high-quality development of the insurance industry.
Open Source Securities released a research report saying that the growth rate of personal insurance premiums improved in May, the 2024H1 NBV growth rate is expected to be good, and the debt side outlook for the whole year is optimistic. The loosening of real estate policies, the central bank's statement on low yield on treasury bonds, and the year-on-year improvement in the equity market are expected to lead to asset-side catalysis; valuations and institutional holdings in the life insurance sector are still low, business sentiment and policy side support are expected to drive sector valuations to continue to rise, and continue to be optimistic about life insurance sector opportunities.