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...
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