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[Brokerage Focus] China Merchants maintains a 'strong buy' rating on PICC P&C (02328), expecting Q3 comprehensive cost ratio to improve year-on-year.
Jingu Financial News | China Merchants Securities released research reports stating that PICC P&C (02328) disclosed premium data for January-September 2024, with steady growth in premiums in September and Q3 expected to improve its comprehensive cost ratio year-on-year. Recently, the State Council issued "Several Opinions on Strengthening Supervision, Preventing Risks, and Promoting the High-Quality Development of the Insurance Industry," proposing to focus on commercial insurance for new energy autos, deepen comprehensive reform of auto insurance; develop multi-level agriculture insurance to expand coverage, improve quality, and standards, standardize claims in a timely manner; explore liability insurance and innovative family property insurance, further promote the high-quality development of the P&C insurance industry, leveraging the company's leading advantages.
Listed insurance companies' improved profitability boosts stock prices! Multiple foreign institutions frequently adjust their positions, is a second wave of offensive brewing behind the scenes?
①Recently, foreign institutions such as Fidelity Investments and JPMorgan have frequently adjusted their holdings of mainland insurance companies; ②Due to the huge increase in the short term, it is a normal operation for foreign institutions to choose to realize partial profits; ③Multiple foreign institutions recommend overweighting insurance, but caution is needed regarding the possible pullback of brokerages after a short-term overheating.
picc p&c (2328.HK): Vehicle insurance premiums continue to accelerate, and COR is expected to improve year-on-year.
The company disclosed the premium data for the period from January to September 2024, with a steady growth in overall business, and the Q3 comprehensive cost rate is expected to improve year-on-year. The overall premium growth rate is stable with an increase. The company achieved a cumulative premium income of 428.33 billion from January to September.
Bocom Intl: Mainland life insurance and property insurance premiums continue to rise, with fundamental support for the valuation rebound trend.
bocom intl believes that the current valuation level of the life insurance sector is both defensive and resilient, and the good fundamentals provide strong support for the trend of valuation rebound.
Li Yunze: Supports insurance institutions that meet the conditions to establish new securities investment funds. Currently, many insurance companies have submitted relevant applications.
Li Yunze expressed support for financial assets investment companies to play a greater role in supporting technology innovation. Currently, the scale of the latest batch of 18 pilot cities' intention agreements has exceeded 250 billion yuan.
China Banking and Insurance Regulatory Commission: Financial Asset Investment Companies sign new contracts with intent funds exceeding 250 billion RMB to support technology innovation.
According to internal media reports, Li Yunze, Director of the China Banking and Insurance Regulatory Commission, stated at a financial forum annual meeting that it supports financial asset management companies to play a greater role in supporting technology innovation. Currently, the scale of the new batch of 18 pilot cities has exceeded 250 billion yuan. Li Yunze also mentioned supporting qualified insurance institutions to establish securities investment funds, and several insurance companies have already submitted relevant applications. (js/u)~
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