htsc: Banks increase positions, steady financial allocation.
HTSC released a research report stating that the bank, insurance, and fund hold positions in 24Q2 have rebounded overall compared to 24Q1. The position of the bank sector has marginally increased, rising from 2.43% in 24Q1 to 2.73%.
Jefferies Financial: Q2 profits from mainland insurance companies pave the way for recovery in the second half of the year, raising target prices for China Life Insurance, China Pacific Insurance, and other companies.
Jefferies Financial released a research report indicating that the operating performance of mainland insurance companies in the second quarter of this year seems to be moving in the right direction, paving the way for further recovery in the second half of the year. The key will be the growth of mid-term dividends and dividends per share. The market weakness and the drag on stock prices by individual company news have not fully reflected favorable factors. The performance of China Pacific Insurance may surprise the market. The bank expects Ping An Insurance's second quarter and first-half after-tax operating surplus to increase by 4% to 5% year-on-year. It is expected that China Life Insurance's investment income in the first half of the year may increase year-on-year. The new business value in the first half of the year may slow down by 26% from the first quarter on a year-on-year basis, but it is still expected to maintain double-digit growth. In the first half of the year, Pacific Insurance's new business
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.
Hong Kong stocks fluctuate | Most insurance stocks rise, and the five major insurance companies achieved premiums of 1.76 trillion yuan in the first half of the year, and the results of the reform have continued to be released.
Most insurance stocks are up. As of press time, China Pacific Insurance (02601) rose 4.55% to HKD 20.45, China Life Insurance (02628) rose 2.58% to HKD 11.12, and New China Life Insurance (01336) rose 1.89% to HKD 15.12.
New China Life Insurance Logs Nearly 99 Billion Yuan in H1 Premium Income
New China Life Insurance (01336.HK): The accumulated original premium income in the first half of the year was 98.832 billion yuan, a decrease of 8.36% year-on-year.
On July 16th, Guolong News reported that New China Life Insurance (01336.HK) announced that its cumulative original insurance premium income for the period from January 1 to June 30, 2024 was RMB 98.83234 billion, a year-on-year decrease of 8.36%. In the first half of 2024, the company's operation remained stable and made progress, with accelerated business structure transformation, fast growth of value realization and preliminary achievements in high-quality development.
Express News | New China Life Insurance - Jan-June Accumulated Gross Premium Income RMB98,832.34 Mln
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".
GTJA: It is expected that the profits of insurance companies in Q2 2024 will improve compared to the previous quarter, and the performance of both the property insurance and life insurance businesses is better than expected.
Due to better-than-expected customer demand and improved new business value rate for its products, it is expected that the NBV of life insurance will maintain rapid growth in the first half of 2024. Listed property insurance companies have accumulated sufficient reserve safety cushions, which is conducive to maintaining stable underwriting profits.
Huachuang Securities: NBV prosperity is expected to continue. COR may have a slight upward movement due to the impact of disasters.
Looking at the medium term, the NBV growth rate of life insurance is expected to maintain its prosperity, and the COR of property insurance may increase slightly. Investment performance is expected to improve year-on-year in the second quarter. Overall, the interim performance of the insurance industry may be better than expected.
New China Life Insurance's (SHSE:601336) Earnings Have Declined Over Five Years, Contributing to Shareholders 33% Loss
Hong Kong stocks in motion: Insurance stocks rise collectively, and the profitability of insurance companies' interim reports is expected to improve. NBV is expected to maintain good growth.
According to the Zhixin Finance APP, insurance stocks have risen collectively. As of press time, AIA (01299) rose 4.04% to HK$54.1; China Life Insurance (02628) rose 3.7% to HK$11.2; China Taiping (00966) rose 3.42% to HK$8.46; New China Life Insurance (01336) rose 2.12% to HK$15. Open Source Securities pointed out that the year-on-year growth of 2024H1 performance is expected to be better than that of Q1, and NBV is expected to maintain a good growth rate. The bank stated that the liability end continued to be in a high prosperity, the central bank's stance of stabilizing long-term interest rates was favorable to the asset end, and the mid-year performance increased year on year.
Soochow Securities: PBOC's sale of bonds sets the tone for the bottom of long-term interest rates. The extent of interest rate rebound determines the height of life insurance repair.
Although the Damocles sword has not been lifted, the central bank's 'bond sales' has set the tone for the bottom of long-term interest rates. The strength of the interest rate rebound determines the height of the life insurance repair, with Taiping and Xinhua being the top recommendations.
Hong Kong stocks have changed | Mainland insurance companies rose across the board in early trading as institutions explore alternative investments under asset shortages and it is expected that NBV growth rate in the first half of the year will exceed exp
According to the Wisdom Financial app, mainland insurance companies rose across the board early on, with China Taiping Insurance (00966) up 6.14% to HKD 8.47, China Pacific Insurance (02601) up 5.19% to HKD 20.05, and Ping An Insurance (02318) up 4.52% to HKD 37.05, as of the time of publication. In recent news, the new energy automobile brand Zhiji has undergone a change of shareholders in the industry and added shareholders such as China Pacific Insurance. In the context of low interest rates and poor performance of the equity market, pressure on the asset side is a challenge for insurance companies.
New China Life Insurance (01336) will distribute a final dividend of HKD 0.93158444 per share on August 9th.
Zhī Tōng Cái Jīng APP news, New China Life Insurance (01336) announced that the company will distribute a final dividend of HKD 0.93158444 per share on August 9, 2024.
NCI: POLL RESULTS OF THE ANNUAL GENERAL MEETING OF 2023 AND DISTRIBUTION OF 2023 ANNUAL DIVIDEND
Hong Kong stock market change | Mainland insurance companies fell sharply in the afternoon, suppressing sector performance due to loss of interest rate spread risk. It is expected to achieve good profit growth in the first half of the year.
Mainland insurance companies saw their afternoon trading losses expand. As of press time, New China Life Insurance (01336) fell by 4.1% to HKD 14.96, China Life Insurance (02628) fell by 2.64% to HKD 11.08, PICC P&C (02328) fell by 2.22% to HKD 9.67, and China Pacific Insurance (02601) fell by 1.62% to HKD 19.44.
New China Life Insurance Issues 10 Billion Yuan of Capital Supplementary Bonds
No Data