[ET Net News Agency, 24 September 2019] Nomura lifted its target price for Ping An
Insurance (02318) to HK$115.47 from HK$114.87 and maintained its "buy" rating.
The research house said the July and August total premium numbers disclosed recently by
listed life insurers show that new business premium growth may be weak for 3Q, considering
renewal premium growth should be strong on the back of strong new business premium growth
for 3Q 2018.
Tight product regulations and difficult agency force expansion were the key reasons
behind the weak growth momentum, Nomura noted. It expects most China life insurers to have
negative agency FYP (first-year premium) growth and thus negative NBV (new business value)
growth for 3Q.
But it said that Ping An should be the exception, as the company seems on track to
deliver high-single-digit NBV growth. Ping An has disclosed that it recorded agency FYP
growth of 4%/-6% y-y for July/August 2019, versus 0% for 2Q and -13% for 1Q. (KL)
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02318 PING AN
Nominal 
31.150 -0.250 (-0.796%) Others
24/09/2019 15:26
{I-bank focus}Nomura lifts Ping An (02318) to HK$115.47
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