On July 18th, insurance stocks (BK1130.HK) collectively rose. As of press time, it rose 4.01% to HKD 9.6; rose 3.69% to HKD 21.1; rose 1.61% to HKD 8.21.$Insurance (LIST1130.HK)$Collectively rising, as of press time,$PICC P&C (02328.HK)$up 4.01%, to HKD 9.6;$CPIC (02601.HK)$up 3.69%, to HKD 21.1;$CHINA TAIPING (00966.HK)$up 1.61%, to HKD 8.21.
On the news front, in the first half of this year, the original insurance premium income of five listed insurance companies including Ping An Insurance, China Life Insurance, PICC P&C, The People's Insurance and New China Life Insurance reached CNY 1,763.3 billion, a year-on-year increase of 3%. Kaiyuan Securities pointed out that under the high base of the second quarter, it is expected that the new single premium payment of the next insurance period will be better than expected, considering the substantial increase in value rate. It is expected that the NBV of listed insurance companies in the first half of the year will increase by 10%-20% year-on-year, and the full-year NBV is expected to achieve high-quality growth. Dongwu Securities stated that the growth rate of life insurance is weak. Valuation is more important than performance impact, and long-term interest rates are the core competition factor. In the short term, if the central bank states that long-term interest rates are too low, 1H24 performance is expected to exceed expectations, and if the new "National Ten Articles" of insurance is implemented in 2H24, it will have a significant catalytic effect on the current insurance sector, especially life insurance stocks. We continue to recommend pure life insurance symbols that fully benefit from the expectation of bottoming out on the asset side.
Soochow Securities believes that the growth rate of life insurance is weak. Valuation is more important than performance impact, and long-term interest rates are the core competition factor. In the short term, if the central bank states that long-term interest rates are too low, 1H24 performance is expected to exceed expectations. If the new "National Ten Articles" of insurance is implemented in 2H24, it will have a significant catalytic effect on the current insurance sector, especially life insurance stocks. We continue to recommend pure life insurance symbols that fully benefit from the expectation of bottoming out on the asset side.