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<Research>HSBC Research: Lower Benchmark PIR for General Insurance Products Benefits CN Insurers; TPs for All Covered Insurers Raised
Recommend 31 Positive 68 Negative 50 |
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The Insurance Association of China (IAC) lowered the pricing interest rate (PIR) for general insurance products by 14 bps to 1.99% last month, HSBC Global Research issued a research report saying. This is expected to help insurers reduce liability costs and alleviate concerns over interest margin losses that have troubled the industry for about two years. Currently, CHINA LIFE (02628.HK) and PING AN (02318.HK) have responded by lowering rates for traditional and participating insurance products. With the interest margin between participating and traditional insurance narrowing to 25 bps, it is predicted that participating insurance will become the main sales driver in 2H25. HSBC Global Research raised its target prices for all H-shares of Chinese insurers. The latest ratings and target prices of the sector are listed in a separate table. The broker's top picks are PING AN and CPIC (02601.HK). HSBC Global Research upgraded CPIC from Hold to Buy, and downgraded NCI (01336.HK)'s H-shares from Hold to Underweight, as its recent share price hike seems to lack fundamental support. AASTOCKS Financial News Website: www.aastocks.com |
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