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<Research>Citi Expects CN Insurers to Continue to See Solid VONB Growth in 3Q w/ Soaring Earnings
Recommend 20 Positive 40 Negative 22 |
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The 3Q24 results period for Chinese insurers will begin today by PING AN (02318.HK), Citi Research said. For life insurers, continued margin expansion is expected, along with demand boosted by product shift, with value of new business (VONB) expected to grow 27-70% YoY in 9M24, led by PICC Life Insurance and NCI (01336.HK). For property and casualty (P&C) insurers, underwriting results are expected to improve in 3Q24, with CPIC (02601.HK)/ PICC GROUP (01339.HK)/ PING AN posting synthetic fund cost rates of 97.7%/ 98.1%/ 98.3% for 9M24 each, due to lower commission expenses on auto insurance and normalized natural catastrophe losses. For PING AN, the broker expected 9M24 earnings growth to be 35% YoY, mainly driven by equity investment gains and negative goodwill for LUFAX (06623.HK), partly offset by rising convertible bond liabilities and continued pressure on its asset management segment. AAStocks Financial News |
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