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02328 PICC P&C
RTNominal down10.320 -0.200 (-1.901%)
Research Report

01/02/2021 17:16

{I-bank focus}BOCI lifts PICC P&C (02328) to HK$9.1

[ET Net News Agency, 1 February 2021] BOCI Research lifted its target price for PICC
P&C (02328) to HK$9.1 from HK$8.8 due to recent RMB appreciation and maintained its "buy"
rating.
The research house said auto insurance premiums of PICC P&C fell by 10% in 4Q 2020,
primarily driven by the new comprehensive auto insurance reform. The de-risking project on
PICC P&C's credit and guarantee insurance continued in 4Q, which led to a 98% decline in
total premiums.
BOCI expects PICC's auto insurance business to see a 9% fall in gross written premiums
(GWP) and rising combined ratios, partially offset by profitability improvements of the
credit and guarantee insurance business in FY2021. It now forecasted that the growth of
auto insurance GWPs for PICC P&C over FY2020-23 to be 1%/-9%/5%/5%.
BOCI trimmed its FY2020-23 EPS forecasts by 2-4%, due to a slightly higher combined
ratio forecast for PICC P&C's auto insurance. (KL)

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