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[Brokerage Focus] CMB International maintains its 'outperform' rating on the insurance sector, bullish on China Pacific Insurance (02601) and PICC P&C (02328).
Jingu Caixun | CMB International stated that the premium income of the top life insurance companies in China's insurance industry continued to grow in May on the basis of a high base last year, showing good development resilience under value transformation. Recently, the regulator guided some life insurance companies through the window and will stop selling 3.0% increasing lifelong insurance policies at the end of June and launch increasing lifelong insurance products with a scheduled interest rate of 2.75% on July 1. The bank believes that this move will further reduce the debt cost of the industry, especially small and medium-sized insurance companies, and avoid long-term interest rate risk. Considering the high growth of premium income of insurance companies before the reduction of scheduled interest rate last year, the bank
Brokerage Focus: China Merchants Securities Maintains Strong Recommendation Rating for PICC P&C (02328) due to Its Stable ROE and High Dividend Yield, with Long-term Investment Value.
Jingu Finance News | China Merchants Securities released research report stating that PICC P&C (02328) achieved premium income of 249.121 billion yuan from January to May, a year-on-year increase of 3.1%. Among them, the premium income of motor insurance business was 113.935 billion yuan, a year-on-year increase of 2.7%, and the premium income of non-motor insurance business was 135.186 billion yuan, a year-on-year increase of 3.4%. In terms of single month, the company achieved premium income of 38.626 billion yuan in May, a year-on-year increase of 4.4%, of which the premium of motor insurance and non-motor insurance increased by 4.4% and 4.3% respectively. The bank pointed out that the growth rate of the company's motor and non-motor insurance premiums in May
HK shares change | PICC P&C (02328) rose more than 3%, with original premium income in 1-5 months increased by 3.1% year on year. The company's COR is expected to continue to improve.
PICC P&C (02328) rose more than 3%. As of press time, it rose 3.09% to HKD 10.02, with a turnover of HKD 42.6628 million.
Hong Kong stock announcement: Chow Tai Fook released its annual performance, with a net profit attributable to shareholders of HKD 6.499 billion, a year-on-year increase of 20.7%. The final dividend is HKD 0.3 per share.
Jiumaojiu (09922) plans to spend HKD 200 million to repurchase its own shares in the open market.....
PICC P&C (02328.HK): The original premium income from January to May reached 249.121 billion yuan, a year-on-year increase of 3.1%.
PICC P&C announced on June 13th that the total original insurance premium income from January 1st, 2024 to May 31st, 2024 was RMB 249.121 billion, a YoY increase of 3.1%.
Express News | PICC Property and Casualty - Jan to May Total Original Insurance Premium Income RMB249,121 Mln
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