[ET Net News Agency, 14 June 2018] Credit Suisse cut its target price for China Taiping
(00966) to HK$37 from HK$40, and retained its "outperform" rating.
The research house said Taiping's total life premium was up 16% in May, lifting 5-month
2018 growth back to the positive territory (+0.2%). Agency new sales increased by 25% in
May, particularly health insurance (+50%), thanks to low base and strong momentum from
cheaper CI (critical illness) products.
Into 3Q, Taiping would switch focus to agency expansion with new incentive plan ("Long
Teng") for high quality rookie agent recruitment. Credit Suisse believes that Taiping is
on track to deliver sector leading FY2018 VoNB growth, given its strong execution
capability.
It believes that Taiping has more capacity to undertake mortality/ morbidity risk
through new CI, which partly hedges longevity risk from its saving/annuity-focused
in-force book. (KL)
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00966 CHINA TAIPING
Nominal 
7.040 +0.210 (+3.075%) Others
14/06/2018 15:42
[I-bank focus]CS lwoers China Taiping (00966) to HK$37
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