报告名称：PICC Group(01339.HK)Increased Profit Contribution from Life and P&C “Accumul
报告类型：港股研究
报告日期：2016-04-06
研究机构：国泰君安国际
研究员：王庆鲁
股票名称：中国人民保险集团
股票代码：01339
页数：9
简介：FY15 shareholdersˇ profit recorded in-line expectation yoy growth of49.1% aided by increased profit contribution from life and P&Cinsurance business segments. Net profit from the life insurance segmentalmost doubled, amounting to RMB 3.6 billion, which was attributed to theinvestment performance and growth momentum in premiums. PICC Healthˇsnet profit, however, recorded a full-year accounting loss of RMB 136 million,adversely affected by decreased premiums and investment income in 2H15.
PICC Life aims to further promote protection type life insuranceproducts and to lower the funding cost on short-term investmentoriented products. The overall business quality of the Groupˇs life insuranceshowed a continual improvement as evidenced by an 11.7% yoy gain in NBVdue to a shift in product and distribution strategy. However, our main concernis the potential insurance liabilities risk on those traditional life policies, as therisk discount rates may experience larger declines.
We maintain an investment rating of ¨Accumulate〃 with a trimmed targetprice of HKD 3.65 per share. We cut PICC Groupˇs 2016F EPS by 8.2% oninvestment performance and total expenses outlook. Key investment thesisincludes: 1/ the possession of an industry leading P&C insurer, 2/ reshapedlife insurance business that focuses more on individual agent distribution and3/ a potential full-service insurance group.

下载地址：PICC Group(01339.HK)Increased Profit Contribution from Life and P&C “Accumul