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Changjiang Securities: Asset-end contradictions remain the core factor in the valuation of insurance for 24 years.
Looking back at the changes in the valuation of the insurance industry from 2011 to now, improvements in assets have been a common factor in the rebound of the valuation six times, while the termination of the market is mostly due to the deterioration of assets, and the industry as a whole exhibits a strong beta property.
China Merchants Securities: There may still be room for a reduction in life insurance reserve interest rates, will continue to be bullish on the sector's opportunities in the mid-year report.
Benefiting from the sustained supply and demand of savings insurance, it is expected that the NBV growth rate of listed insurance companies in the first half of 2024 will be above double digits and profits are also expected to increase.
Haitong Securities: Strengthen product and service supply to create a comprehensive ecological system of 'insurance + retirement.'
Basic retirement insurance has a wide coverage, but currently faces significant payment pressures. As of the end of 2023, the number of participants in basic retirement insurance accounted for 76% of the total population that year, and has entered a phase of slow growth. In addition, the accumulated surplus is largely dependent on subsidies from various levels of government finance. According to the calculations of the Chinese Academy of Social Sciences, the accumulated surplus will be completely exhausted by 2035.
Manulife Financial Corp Price Target Cut to C$42.00/Share From C$43.00 by Jefferies & Co
Manulife Financial Corp Price Target Cut to C$42.00/Share From C$43.00 by Jefferies &
MANULIFE-S: Manulife Financial Corporation Notice of Board of Directors Meeting
Huaxi Securities: Traditional insurance remains the main focus of insurance sales. Dividend insurance continues to be launched and the health insurance layout is further improved.
Currently, assets are still an important factor in suppressing the valuation of insurance companies. In a low-interest-rate environment, it is expected that insurance companies will successively reduce the interest rates of traditional insurance products and continue to launch bonus-based and universal insurance products to reduce the pressure of "interest differential losses", while also increasing the layout of health insurance to increase "mortality differential gains".
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