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<Research>Citi Expects CN Insurers to Continue to See Solid VONB Growth in 3Q w/ Soaring Earnings
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 deman...
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<Research>Citi Expects CN Insurers to Continue to See Solid VONB Growth in 3Q w/ Soaring Earnings
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The 3Q24 results period for Chinese insurers will begin today by PING AN (02318.HK)  -0.900 (-1.802%)    Short selling $506.63M; Ratio 17.648%   , 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)  -0.450 (-1.657%)    Short selling $96.93M; Ratio 12.405%   .

For property and casualty (P&C) insurers, underwriting results are expected to improve in 3Q24, with CPIC (02601.HK)  -0.250 (-0.862%)    Short selling $39.26M; Ratio 11.854%   / PICC GROUP (01339.HK)  -0.070 (-1.733%)    Short selling $12.20M; Ratio 8.509%   / 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.

Related NewsJPM Expects Mkt to Sharply Raise Earnings Forecasts for CN Insurers; Top Picks CHINA LIFE/ CPIC
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)  -0.260 (-2.110%)   , partly offset by rising convertible bond liabilities and continued pressure on its asset management segment.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-10-21 16:25.)

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