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02328 PICC P&C
RTNominal up6.460 +0.070 (+1.095%)
Research Report

22/10/2020 18:01

{I-bank focus}UBS sees sector NBV fall of 18% for insurers

[ET Net News Agency, 22 October 2020] UBS Global Research said Chinese insurers are due
to report 3Q starting next week. The research house now expects a sector NBV (new business
value) decline of 18%, modestly better than 2Q but slower than UBS's original expectation.
Interest rate recovery remains the key catalyst, UBS said, while new business momentum
is dampened by competition including online products. Its channel checks on 2021 jumpstart
campaigns at major insurers suggest intensified competition, but the cost of liability
flexibility in product design should help mitigate investment risks.
The sector's valuation of 0.8x 2020 P/EV does not reflect much expectation on growth.
UBS revised its target prices for the insurers it covers as follows:
Name Rating Target Price
------------------------------------------------------------------------
Ping An Insurance (02318) Buy HK$105.00 from HK$106.00
China Pacific Insurance(02601) Buy HK$30.50 from HK$30.90
China Taiping Insurance (00966) Buy HK$16.00 from HK$17.50
PICC Group (01339) Buy HK$3.00 from HK$3.20
PICC P&C (02328) Buy HK$7.00 from HK$7.50
China Life Insurance (02618) Neutral HK$19.50 from HK$20.50
New China Life Insurance (01336) Neutral HK$30.80 from HK$34.00

(KL)

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