October 30th, Grong Hui | Citibank's report pointed out that PICC P&C's third-quarter performance overall met expectations, mainly due to the combined ratio (CoR) meeting expectations, despite the impact of natural disasters on non-auto insurance business; investment income growth drove strong quarterly profit performance. The bank mentioned that the profit of P&C insurance for the first nine months increased by 38% year-on-year to 26.8 billion yuan, reaching the upper limit of the previous profit growth expectation range of 20% to 40%. Underwriting profit fell by 13% year-on-year to 6.4 billion yuan, and the comprehensive cost rate under Chinese accounting standards fell (improved) by 0.4 percentage points year-on-year to 98.2%, relative to the bank's expectation of 98.1%. As for insurance income growth, it slightly rose by 5% year-on-year. In addition, the bank mentioned that the total investment income of P&C insurance for the first nine months increased by 70% year-on-year to 27.5 billion yuan, with an annualized total investment return rate rising by 1.7 percentage points to 4.4%, mainly benefiting from the rebound in the capital markets. The bank's target price for P&C insurance is HK$11.50, with a 'buy' rating.
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大行评级|花旗:中国财险第三季业绩整体符合预期 评级“买入”
Major rating agency | Citi: picc p&c's third-quarter performance overall meets expectations, rated as "buy"
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