Glonghui, November 24 | Goldman Sachs issued a report stating that it maintained its target price of HK$3.5 for China People's Insurance Group's H shares and maintained its “buy” rating; however, the target price for A shares was raised from $3.1 to $3.3, maintaining the “selling” rating, mainly reflecting higher book value and the latest exchange rate adjustment of the RMB to the Hong Kong dollar to 1.07, compared to 1.11. Goldman Sachs said it lowered its net profit forecast for the second half of 2023 by 85%, mainly because claims related to natural disasters were higher than expected and investment returns were lower than expected. According to the new accounting standards, the profit sensitivity of the stock market has increased. Given the weak stock market so far, it is expected that the fourth quarter will face more resistance. This led Goldman Sachs to cut the company's net profit forecast for fiscal year 2023 by 24%. Looking ahead, Goldman Sachs lowered China People's Insurance Group's earnings estimates for the 2024 and 2025 fiscal years by 7% and 3%, but raised the 2023-2025 shareholders' equity forecast by 4-9%, mainly reflecting the impact of the new accounting standards.