[ET Net News Agency, 19 January 2021] BOCI Research initiated coverage on ZhongAn
Online P&C (06060) with a "buy" rating and a target price of HK$43.8.
For the insurance business, the research house expects ZhongAn to reach underwriting
breakeven in 2022, with the health insurance and shipping return insurance being key
drivers for ZhongAn's future premium growth and combined ratio (COR) improvements.
Although the technology and banking segments will not deliver clear net profit
contributions in the near term, BOCI sees a strong revenue growth over 2020-23, driven by
the strong insurance technology demand and continuous acquisition of banking customers in
Hong Kong. (KL)