Since the Notice on Standardizing the Development and Design Behavior of Personal Insurance Company officially landed, the difficulty of sales in the insurance industry has increased significantly. At present, according to the premium data of Ping An, Xinhua Insurance, China Life Insurance, China Pacific Insurance and China Insurance, five listed insurance companies have realized a total premium income of 1.21 trillion yuan in the first five months, an increase of 8.47% over the same period of last year.
In terms of performance, Minsheng Securities said that it would continue to be optimistic about the profitability of listed insurance companies against the background of policy escort and industry transformation. As for life insurance, listed insurance companies continue to transform and the proportion of long-term security products continues to increase. Although the new single growth rate is still under pressure, the promotion of the new business value rate is expected to drive the new business value to maintain double-digit growth throughout the year; in property insurance, tax reduction policy will ease the predicament of corporate earnings, ROE is expected to appear inflection point.
At the same time, the advent of the quotation of China Newspaper has brought new investment opportunities to the insurance industry. The views of Everbright Securities, Tianfeng Securities, Pacific Securities and China Merchants Securities can be summarized as follows: the insurance companys fundamentals are stable. With the markets increasing concern for the performance of the mid-term report, the insurance company is expected to be favored by the market. Under the new tax policy, the performance of the mid-term report of the insurance company will be very beautiful. Continue to be optimistic about the follow-up performance of the plate. At the same time, the year-round dimension shows that EV maintains a growth rate of 15% to 20%, the insurance sector and consumer stocks have similar allocation value, and the demand space for safeguard products is still vast under the long-term logic. Investors are advised to actively grasp the trading opportunities when the linear panic leads to stock price overshoot.
It is worth mentioning that during the year, A shares fluctuated, but the performance of five insurance stocks was more eye-catching. As of July 9, Ping An, Xinhua Insurance, China Life Insurance, China Taibao and China Insurance rose 59.15%, 23.93%, 40.43%, 22.65% and 67.29%, respectively.
From the perspective of insurance stocks, the attention of institutions has remained high in the past six months. Xinhua Insurance has been recommended by 44 research papers issued by 19 securities firms with a maximum target price of 78.32 yuan per share; Ping An of China has been recommended by 37 research papers issued by 19 securities firms with a maximum target price of 104 yuan per share; China Life has been recommended by 42 research papers issued by 18 securities firms with a maximum target price of 39.07 yuan per share; Taibao of China has been issued by 18 securities firms. Cloth 34 research papers recommended, the highest target price to 47.98 yuan per share; China Insurance has been issued by five securities firms 10 research papers recommended, the highest target price to 10.01 yuan per share.
In response, Wanlian Securities said that from the valuation index (PEV/PB/PE), the overall valuation of insurance stocks is in a reasonable range. As long as interest rates do not appear to fall beyond expectations, the valuation is expected to continue to rise, maintain the stronger than the market rating of the insurance industry, and continue to recommend pure life insurance targets and low valuation with better transformation of the safeguard business. Comprehensive Insurance Group.
Source: Liable Editor of Securities Daily: Yang Qian_NF4425