[ET Net News Agency, 29 August 2019] Nomura lowered its target price for China Taiping
(00966) to HK$30.74 from HK$30.82 and maintained its "buy" rating.
The research house said Taiping's Life NBV was down by 9.5% for 1H, with agency NBV down
by 11%, mainly due to (1) agency written FYP down by 4%, led by a decline in the agency
force, and (2) agency NBV margin down by 2.4pp to 31.6%.
Nomura expects Taiping's life NBV growth to return to the positive territory of 2%,
implying 2H NBV growth of 15%. For its domestic P&C business, it expects stable combined
ratio given the tight regulations on auto insurance. (KL)