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<Research>Citi: CN Insurers' Quarterly Results Expected to Be Driven by Maturing Deposit Allocation/ Improvement in CoR
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The results announcement season for Chinese insurers will commence with PING AN (02318.HK) announcing its quarterly results on 28 October, Citi Research issued a research report saying. Citi Research forecasted that, on a comparable basis, new business value for Chinese life insurers will grow 31-70% YoY in 1-3Q25, driven by structural opportunities, including a massive maturing bank deposits and wealth reallocation, as well as increased attention on insurance savings plans due to their higher returns, death benefits and participating features. The broker predicted a significant YoY improvement in combined operating ratio (CoR) for property & casualty (P&C) insurers this quarter, driven by a series of regulatory measures against involution and lower & normalized natural disaster losses. The CoR for PICC P&C (02328.HK)/ PING AN/ CPIC (02601.HK) are expected to improve by 1-2 ppts YoY. Regarding results, the broker favored CHINA LIFE (02628.HK), PING AN and PICC P&C. AAStocks Financial News Website: www.aastocks.com |
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