CPIC’s 3Q Results Showed Weakening Premium Growth and Weakening P&C Profitability
Following no-moat China Pacific Insurance, or CPIC’s, third-quarter results, we reduce our fair value estimate to CNY 34 from CNY 38 per share for A shares and to HKD 38 from HKD 43 for H shares to reflect our slower near-term premium growth assumption. With slowing premium growth and weaker investment returns, growth in CPIC's total revenue and net profits dropped to 13.6% and 16.4% for the first three quarters. Year-on-year growth in P&C insurance premium slowed to 9.3% from 16% in the fir...China Pacific Insurance (Group) Co., Ltd. is a China-based company mainly engaged in the insurance business. The Company operates its businesses through life insurance business, including individual life insurances, group life insurances, and short-term casualty and health insurances, among others; property insurance business, including motor vehicle insurances and non motor vehicle insurances, as well as asset management business, including bond investment, equity investment and investment real estate, among others. Through its subsidiaries, the Company is also engaged in the pension business. It operates its businesses primarily in domestic market.
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