[ET Net News Agency, 5 November 2019] HSBC Global Research lifted its target price for
PICC Group (01339) to HK$3.5 from HK$3.3 and maintained its "hold" rating.
The research house said PICC Group has one of China's leading insurance franchises, but
its life business has delivered relatively low life new business value growth since
listing, due to a higher dependence on lower margin bancassurance sales.
PICC Group derives most of its value from PICC P&C (02328). HSBC thinks the management
team needs to provide greater clarity on its life, pensions, health and reinsurance
strategy. (KL)