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研报掘金丨华创证券：中国人保23年产寿双飞，NBV同比超高增，维持“推荐”评级

Research Report Nuggets丨Huachuang Securities: China People's Insurance Company has had a strong year-on-year increase, maintaining a “recommended” rating

Gelonghui Finance ·  Apr 7 01:54

According to the Huachuang Securities Research Report, China Insurance (601319.SH) had a double life span in 23 years, NBV had a very high year-on-year increase, and COR exceeded expectations and achieved the target set at the beginning of the year. Looking ahead to 2024, it is believed that property insurance in the company's main business segment will still maintain its leading advantage, and that the risk reduction management service system will help the company's COR management and support the upward ROE. Currently, stricter regulations and last year's high base may put some pressure on life insurance, but as demand for medical treatment and old-age care continues to be released and the company is deeply involved in the field of health management, People's Health Insurance may continue to perform well. Considering the impact of the switch between old and new standards, the 2024-2026 EPS forecast value was lowered to 0.59/0.66/0.73 yuan (the original value of 2024-2025E was 0.82/0.90 yuan). Adjust the 2024 PB target value for property insurance business to 1.1 x, other business to 1x, and PEV target value for personal insurance business to 0.5x, corresponding to the 2024 target price of 7.1 yuan. Maintain a “Recommended” rating.

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