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<Research>G Sachs Adjusts TPs for CN Insurers, Names PING AN/ CPIC/ PICC P&C as Top Picks
Recommend 22 Positive 30 Negative 12 |
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Goldman Sachs has issued a research report reviewing Chinese insurers' FY25 results and updating its view on the sector. As life insurers' net investment yields saw a deeper-than-expected decline of 32 bps to 2.94% on average, the guaranteed return rates on life insurance policies of around 2.7-2.8% in 2026 may imply limited investment spread, with most future investment gains or losses likely to be driven by capital gains or losses. Goldman Sachs kept a Buy rating on PING AN (02318.HK), CPIC (02601.HK), and PICC P&C (02328.HK), citing more resilient earnings drivers and lower leverage to equity market volatility. The broker raised the target prices for PING AN to HKD75 from HKD74 and for CHINA TAIPING (00966.HK) to HKD21 from HKD20. CHINA TAIPING was rated as Neutral. CHINA LIFE (02628.HK)'s target price dropped to HKD28.5 from HKD29.5, with a Neutral rating, while NCI (01336.HK)'s fell to HKD37 from HKD39, with a Sell rating. PICC P&C's target price was trimmed to HKD19.6 from HKD19.7. CPIC's target price remained HKD38. PICC GROUP (01339.HK)'s target price decreased to HKD6.7 from HKD6.8, with a Neutral rating. Auto-translated by AI AASTOCKS Financial News |
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