[ET Net News Agency, 22 November 2017] Nomura lifted its target price for China Pacific
(CPIC)(02601) to HK$52.83 from HK$49.43, and maintained its "buy" rating.
The research house said CPIC's life business has benefitted from its value-focussed
strategy of growing the agency channel and regular premiums, in line with current
regulatory trends, while its P&C business has showed better underwriting trends than the
industry post FY2014, demonstrating its efforts to improve underwriting profitability post
FY2014.
Nomura expects NBV to grow 16% in FY2018, higher than the industry average, despite new
rules effective October 2017 which banned the "fast return" and "universal products as
rider" features of life insurance products.
It added that CPIC P&C would benefit from an improving outlook for the P&C sector given
extremely strict regulatory measures pushing the expense ratio lower since this July, as
the company could gain market share from smaller players. (KL)
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02601 CPIC
Nominal 
20.700 -0.400 (-1.896%) Others
22/11/2017 11:50
[I-bank focus]Nomura lifts China Pacific (02601) to HK$52.83
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