We Increase FVE for PICC Group After Its P&C Business Delivered Strong 3Q Results
Following PICC P&C’s upbeat third-quarter announcement, we have increased our fair value estimate for PICC P&C to HKD 17.50 per share from HKD 16 per share, as we increase our premium growth assumption and fine-tune our underwriting margin assumption for the next two years. Accordingly, we increase our fair value estimate for PICC Group to HKD 4.30 from HKD 4 per share, as the group owns 69% of PICC P&C, which contributed 98% of profit before tax for the group in 2016. The firm's oth...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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