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<Research>BofAS Expects CN Insurers' 1-3Q Results to Beat, Raises 2026/ 2027 Profit Forecasts for PICC GROUP/ PICC P&C
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Current market expectations for 3Q25 performance of Chinese insurers are relatively low, BofA Securities released a research report saying.

However, the broker believed that most insurers will report better-than-expectation results, and forecasted solid profit growth for CPIC (02601.HK), NCI (01336.HK) and PICC P&C (02328.HK) in the first three quarters of 2025, with growth of 16-32%.

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PING AN (02318.HK) and PICC GROUP (01339.HK) are expected to see slight declines, while CHINA LIFE (02628.HK) is projected to post a 31% drop in 1-3Q25 profits due to the high base effect from 3Q24.

BofA Securities upgraded the H-shares of PICC P&C/ PICC GROUP from Neutral to Buy, and raised its 2026-2027 profit forecasts for the two companies by 1-4%/ 2-7%, respectively. The broker also lifted its target prices for the above 2 stocks from $18.4/ $7 to $20.3/ $7.6.

Furthermore, BofA Securities also liked CPIC's stable investment and sales performance, with a target price of $40.4 and rating at Buy.

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