[ET Net News Agency, 14 September 2020] Nomura lifted its target price for Ping An
(02318) to HK$116.57 from HK$108.74 and maintained its "buy" rating.
The research house said China Life's FYP (First Year Premium) was down 12% for the first
two months in 2H, versus 11% for 1H, showing the recovery from COVID-19 was at a very slow
pace. An 11% decline was recorded in life FYP for 8-month 2020, implying a 12% decline in
just one month in August. In particular, individual business FYP was down 14% for 8-month,
implying an 11% decline in August, which was below Nomura's expectation.
Nomura believes the demand for insurance coverage did not weaken because of COVID-19,
and even strengthened because of increasing awareness about the pandemic. But the
disruptions to offline agent sales activities on the supply side may last for a while,
which justifies Ping An Life's ongoing reform targeting to digitize the insurance process
and to shift towards an offline-to-online new business model. (KL)
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02318 PING AN
Nominal 
34.400 +1.400 (+4.242%) Others
14/09/2020 10:37
{I-bank focus}Nomura lifts Ping An (02318) to HK$116.57
| Remark: | Real time quote last updated: 24/04/2024 17:59 |
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