According to Zhongtong Finance APP, insurance stocks are collectively rising. As of press time, AIA (01299) rose 4.04% to HKD54.1; China Life Insurance (02628) rose 3.7% to HKD11.2; China Taiping (00966) rose 3.42% to HKD8.46; and New China Life Insurance (01336) rose 2.12% to HKD15.
Kaiyuan Securities pointed out that the year-on-year growth rate of H1 2024 performance is expected to be better than that of Q1, and NBV is expected to maintain a good growth rate. The bank states that the liability side continues to be highly prosperous, the central bank's stance on stabilizing long-term interest rates is beneficial to the asset side, and the year-on-year growth rate of mid-year results is expected to be better than that of Q1. The new single in the second quarter may be slightly under pressure due to the impact of the high base, but the individual insurance production capacity of listed insurance companies continues to improve, and the value rate is expected to continue to rise. It is expected that the NBV growth rate in the second quarter will be good, and the full-year NBV is expected to achieve high-quality growth in the low double digits.
Sinolink Securities stated that the concerns about the difference in insurance stock dividends have eased, and they are paying attention to the valuation repair brought by the expectation of better Q2 performance. On the one hand, Q2 profits are expected to achieve high growth under the push of low base and rising stock market; on the other hand, some companies' liability side still perform well under a high base in Q2. China Life Insurance recently announced that the company's cumulative original insurance premium income was approximately RMB 489.6 billion from January 1, 2024 to June 30, 2024, a year-on-year increase of 4.1%.