Jinwu Financial News | Insurance stocks were collectively pressured. Xinhua Insurance (01336) fell 4.88%, China Financial Insurance (02328) fell 3.04%, China Taibao (02601) fell 3.03%, China Taiping (00966) fell 3.01%, China People's Insurance Group (01339) fell 2.73%, and China Life (02628) fell 2.54%.
According to the Securities Times, according to statistics, under the new accounting standards, although the total insurance service revenue of the five major A-share listed insurance companies China Insurance, China Life Insurance, China Taibao, and Xinhua Insurance in 2023 increased 5.6% year on year, the cumulative operating income was 2.2 trillion yuan, down 1.4% year on year, while the total net profit to mother fell 27% year on year.
Fangzheng Securities said that against the backdrop of improvements on the asset side and increases beyond expectations on the debt side, the valuation of insurance was quickly repaired in '22. Recently, however, the fair value of equity investment has intensified. Up to now, the average PEV of the four A-share/H-share listed insurers is only 0.48 times/0.23 times, and the share and allocation factors for heavy positions in 2023 are only 0.39% and 0.24, all at the bottom of history.