HSBC Research report stated that PICC P&C (02328.HK) comprehensive cost ratio (COR) for the first nine months rose to 98.2%, compared to 97.9% for the same period last year. The COR of motor insurance business improved by 1.4 percentage points, while the COR of non-motor insurance business deteriorated by 1.8 percentage points. During the period, the new business value of life insurance increased by 114%, mainly due to significant improvement in profit margin.

HSBC Research mentioned that PICC will maintain its full-year guidance, with motor insurance business and non-motor insurance business COR exceeding 97% and 100% respectively. PICC (01339.HK) dividend payout ratio will be no less than 30%, with the bank adjusting the stock's target price from 3.8 yuan to 4 yuan, rating it as 'hold'. The dividend payout ratio of PICC P&C (02328.HK) is at least 40%, reiterating the target price of 13.2 yuan and a 'buy' rating.