On September 9th, Goldman Sachs released a report stating that mainland insurance companies have exceeded profit expectations in the first half of the year due to strong investment performance in the second quarter. The growth in new business value of most life insurance companies has also unexpectedly increased, reflecting a larger-than-expected expansion in profit margins. Looking ahead, the bank expects that most life insurance companies will maintain growth in the second half of the year due to the lower base effect. Investor focus may shift to dividends and balance sheet strength for the 2024 fiscal year; potential disruptions from repricing products and regulated agent channel fees for sales in the 2025 fiscal year; and a shift in product mix towards dividend products. The bank has given a "buy" rating to China Life Insurance, raising the target price from HK$13 to HK$13.5 due to its strong balance sheet. It has also given a "buy" rating and a target price of HK$41 to Ping An Insurance, citing its higher quality of life insurance profitability; and a "buy" rating to the People's Insurance, with the target price raised from HK$3.5 to HK$3.6.
大行评级｜高盛：上调多只内地保险股目标价 中期盈利增长胜预期
Major bank rating | Goldman Sachs: Raised target price for several mainland insurance stocks, exceeded expectations for mid-term profit growth.
The translation is provided by third-party software.
The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.