No-Moat PICC Group 2018 Net Profit Fell, Life NBV Growth Recovered in 2H
No-moat PICC Group’s 2018 results recorded a 20% decline in net profit to CNY 12.9 million, dragged by a 22% net profit decline in its core P&C insurance segment and weaker investment returns, which were partially offset by improved underwriting margin of life and health segments. Given operating performance of its auto insurance business came in weaker than our expectation in the second half of 2018, we reduced our fair value estimate to HKD 3.50 from HKD 4 per share to reflect our less opt...People's Insurance Company of China, through more than 10 subsidiaries, is engaged in property and casualty insurance, life insurance, health insurance, asset management, insurance brokerage and trust, fund, insurance financial industry cluster and integrated business group structure for the public and agencies Group provides comprehensive insurance and financial services.
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