高华 - China: Insurance - Range-bound 1H11 provides good entry point

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【名称及出版时间】：高华 － China: Insurance - Range-bound 1H11 provides good entry point; prefer Ping An A/H, CPIC A (2010.12.22)
【来源】：Goldman Sachs 高华
【文件格式】： pdf  
【页数】：30
【目录或简介】：
Key themes for 2011: Rising rates, growth rate divergence and P&C profitability 2
Risk/reward profile: A-share insurers, Ping An H/CPIC H have better fundamental upside 7
Revisions to our 2011E earnings/EV/NBV/target prices 8
Life insurers: NBV growth continues to diverge in 2011; Ping An best placed 12
Ping An (CL Buy): Above-peer NBV growth; A/H financials top pick 16
CPIC: Lower NBV on bancassurance dip; stay Buy/Neutral on A/H 19
China Life: Concerns over productivity improvement; retain Neutral 22
PICC: Retain Neutral on potential 1H11 peaking of combined ratio 25

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