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PICC GROUP: Interim Report 2024
Capital markets are getting a fresh boost! The central bank has set up a special refinancing facility for securities, funds, insurance companies to facilitate share buybacks and shareholdings, which can only be used for investing in the stock market.
1. Establishing securities, fund, and insurance companies to facilitate mutual exchange, supporting eligible securities, fund, and insurance companies to obtain liquidity from the central bank through asset pledging, significantly enhancing the ability to raise funds and shareholding capabilities in stocks; 2. Establishing a special refinancing facility for share buyback, guiding banks to provide loans to listed companies and major shareholders, supporting share buybacks and shareholding in stocks.
Daiwa reclassified AIA (01299) as the top choice for insurance stocks. PICC Group (01339) has been upgraded to 'shareholding'.
Daiwa published a report stating that AIA (01299) is the top choice for insurance stocks in Hong Kong and China, maintaining a "shareholding" rating with an unchanged target price of 88 yuan.
【Brokerage Focus】CMB International believes that the marginal improvement in Hong Kong stock liquidity is expected to catalyze further stabilization and upward trend in the valuation of life insurance stocks.
Jingu Wealth News | Zhongyin International indicated that the monthly premium income of six listed life insurance companies in August increased by 50% year-on-year to 138.9 billion yuan, a 41.2 percentage point increase from the previous month. The cumulative premium income from January to August was 1430.2 billion yuan, a 6.3% year-on-year increase. According to the results of the bank's channel survey, various insurance companies have increased their sales efforts for dividend insurance products in September, benefiting from a one-month window before October when the pre-determined interest rate for dividend insurance is further reduced to 2.0%. Currently, the (theoretical) 2.5% fixed interest rate for dividend insurance plus floating income is better than the adjusted traditional insurance 2.5%.
PICC Group (01339.HK): The original insurance premium income of PICC Property and Casualty Insurance from January to August was 382.151 billion yuan.
On September 13, Gelonghui: China People's Insurance Group (01339.HK) announced that from January 1 to August 31, 2024, the company's subsidiaries, People's Insurance Company of China (PICC), People's Life Insurance Company of China (PICC Life), and People's Health Insurance Company of China (PICC Health), respectively obtained original insurance premium income of RMB 38,215.1 hundred million yuan, RMB 9,228.1 hundred million yuan, and RMB 4,124.6 hundred million yuan.
Express News | People's Insurance Company Group of China - Jan to Aug Original Premiums Income of PICC Life Insurance RMB92,281 Mln
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