Summary of HK Stock Ratings: CMBI Maintains Buy Rating on China Pacific Insurance

Cailian Press will regularly compile ratings and target prices for Hong Kong-listed stocks issued by various institutions.

cls.cnSep 4 15:22

Founder Securities: Investment-side drivers accelerate profit growth for insurers, while liability-side quality continues to improve

Over the long term, insurers are expected to sustain the trend of stable liability volume and improving quality on the liability side, while progressively optimizing their internal asset structure and actively seizing market investment opportunities. These factors are poised to jointly drive steady growth in key metrics such as profits and new business value (NBV), thereby lifting the core valuation multiple.

Zhitong FinanceSep 4 09:16

Divergence intensifies in the bancassurance channel among top five insurers! Ping An’s premium income grew by RMB 24.9 billion, while three insurers recorded negative growth.

① The 2026 semi-annual report reveals a divergence in bancassurance cooperation, characterized by "differentiation among insurers and quality improvement among banks," marking a shift from a scale-driven logic to a value-driven logic. ② On the insurer side, growth rates in the bancassurance channel diverged among the five listed insurers: Ping An led with single-premium income of RMB 66.495 billion, surging 59.9%; CPIC and others reduced lump-sum premiums to promote regular premium payments, thereby improving value margins.

cls.cnSep 3 18:30

Guosen Securities: Deepening Transformation on the Insurance Liability Side and Rebalancing Asset Allocation

Leading insurers are proactively balancing scale and value by extending premium payment periods, deepening engagement with high-net-worth client segments, and strategically positioning themselves within the health and elderly care ecosystem. As a result, the growth rate of the Contractual Service Margin (CSM) balance has generally accelerated compared to the beginning of the year, indicating a continued expansion of future profit potential.

Zhitong FinanceSep 3 15:36

Huachuang Securities: Listed insurers generally reported strong growth in net profit attributable to shareholders in 1H26, highlighting the defensive attributes of the insurance sector.

In the property and casualty insurance sector, risk reduction management services have helped lower loss ratios, while stringent industry regulation has promoted optimization of expense ratios. The resulting improvement in the combined ratio (COR) has driven a steady rise in return on equity (ROE), thereby boosting the price-to-book (P/B) ratio.

Zhitong FinanceSep 3 10:55

HK Stock Market Update | Mainland Insurance Stocks Extend Recent Gains as H1 Investment Returns Improve; Institutions Bullish on Valuation Recovery from Low Levels

Shares of domestic insurers extended their recent gains. As of press time, New China Life Insurance (01336) rose 5.14% to HK$49.92; PICC Group (01339) climbed 3.85% to HK$6.21; Ping An (02318) advanced 3.43% to HK$57.35; CPIC (02601) gained 3.15% to HK$31.48; and China Life Insurance (02628) edged up 1.87% to HK$30.54.

Zhitong FinanceSep 3 10:20