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<Research>UBS Lifts TPs for AIA (01299.HK) and PING AN (02318.HK) w/ Rating Buy
Recommend 74 Positive 115 Negative 46 |
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UBS has released a report on China's insurance industry, indicating that the market has seemingly given up on critical illness (CI) insurance, with value of new business (VNB) for CI insurance growing at a -29% CAGR from 2018 to 2023. Driven by structure growth including higher protection needs and expanding sum assured, the broker estimated an 8% CI insurance VNB CAGR in 2026-2033, surpassing GDP growth. Moreover, the broker expects AIA (01299.HK) and PING AN (02318.HK) to be well-prepared to seize opportunities for CI insurance. UBS noted that despite weak consumer sentiment, AIA China recorded double-digit VNB growth in protection products in 1H24. The broker raised its TP for AIA from $90 to $93 with a Buy rating. In addition, UBS is upbeat about PING AN's long-term protection business and comprehensive healthcare ecosystem with leading agency productivity in the industry. The broker lifted its TP for PING AN from $56 to $59 with a Buy rating. AAStocks Financial News |
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