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【券商聚焦】国联证券维持中国财险(02328)“买入”评级 料车险执行“报行合一”有望带动COR同比改善

[Brokerage Focus] Guolian Securities maintains a "buy" rating on PICC P&C (02328), expecting the implementation of "reporting and underwriting integration" in auto insurance to drive YoY improvement in COR.

Jingu Financial News ·  Oct 30, 2024 04:19  · Ratings

Jingu financial news | Guolian Securities released a research report stating that PICC P&C (02328) issued the third quarter report for 2024, with the company achieving an original insurance premium income of 428.33 billion yuan in the first three quarters, a year-on-year increase of +4.6%; achieving a net income of 26.75 billion yuan, a year-on-year increase of +38.0%; the comprehensive cost ratio is 98.2%, a year-on-year increase of 0.3 percentage points.

The bank stated that the overall COR for the first three quarters of 2024 was 98.2%, a year-on-year increase of 0.3 percentage points. Among them, the COR for motor insurance and non-motor insurance were 96.8%/100.5% respectively, with year-on-year changes of -0.6%/+1.9% respectively. The motor insurance COR continued to improve, expected mainly due to the motor insurance implementing the 'reporting and accounting integration' to drive the expense ratio improvement year-on-year; the non-motor insurance COR increased year-on-year, expected mainly due to an increase in major catastrophe losses year-on-year. Looking ahead, with the improvement in the expense ratio driven by the motor insurance 'reporting and accounting integration' and the company's strengthened risk control maintaining a stable claims ratio, the company is expected to achieve the annual target set at the beginning of the year of 'motor insurance COR around 97%, non-motor insurance COR <100%.'

The bank further mentioned that considering the improvement of COR year-on-year expected from the motor insurance implementing 'reporting and accounting integration' and the company's strengthened risk control, as well as the expected increase in investment income year-on-year driven by the recovery of the equity market, the bank expects the company's net income attributable to the parent from 2024 to 2026 to be 33.9/35.7/39.8 billion respectively, with corresponding growth rates of 38%/6%/11%. Due to the company's unique business model and high ROE, the bank maintains a 'buy' rating.

The translation is provided by third-party software.


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