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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 Pacific Insurance (Group) Co., Ltd.'s (SHSE:601601) Low P/E No Reason For Excitement
With a price-to-earnings (or "P/E") ratio of 10.4x China Pacific Insurance (Group) Co., Ltd. (SHSE:601601) may be sending very bullish signals at the moment, given that almost half of all companies
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.
[Brokerage Focus] Bocom Intl indicates that investment in insurance stocks still needs to continue to focus on the asset side. Currently, the valuation of the life insurance industry is low.
According to BOCOM Intl, in the first half of 2024, Xinhua's life insurance premium decreased by 8.4%, Taibao's by 1.2%, PICC's remained unchanged, while China Life and Ping An increased by 4.1% and 5.1%, respectively. The total premium growth of the five listed companies was 2.1%, and the premium growth rate continued to trend upwards. In the first half of 2024, premium for PICC, Ping An and Taibao's property insurance increased by 3.7%, 4.1% and 7.7% YoY, while premium for their car insurance increased by 2.5%, 3.4% and 2.8% respectively, all of which were higher than in 2023.
Breaking News: Insurance stocks show a collective rise, with the top five insurance companies achieving a premium income of 1.76 trillion in the first half of the year. Full-year NBV is expected to have a high-quality growth.
On July 18th, insurance stocks (BK1130.HK) rose collectively. As of press time, PICC P&C (02328.HK) rose 4.01% to 9.6 Hong Kong dollars; China Pacific Insurance (02601.HK) rose 3.69% to 21.1 Hong Kong dollars; and China Taiping (00966.HK) rose 1.61% to 8.21 Hong Kong dollars. Market data source: Futubull. In the first half of this year, the original insurance premium income of the five listed insurance companies, Ping An Insurance, China Life Insurance, the People's Insurance, China Taiping Insurance, and New China Life Insurance, increased by 3.0% YoY, with the total amount being 1763.3 billion yuan.
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