News summary
Domestic insurance stocks collectively rose, with China Taiping, China Life Insurance, China Pacific Insurance and China Ping An rising 5.5 per cent respectivelytroncryptogames.13%, 3.78%, 3.74%, and 3.49%. Premium income rebounded, with premiums of CPIC Life Insurance and China Life Insurance increasing by 12.29% and 11.63% year-on-year in April. Restrictions on bancassurance channels have been lifted, and small and medium-sized insurance companies are expected to sign contracts. Leading insurance companies may further expand their signing scale.
Newsletter text
[Domestic insurance stocks are all rising, with China Taiping leading the rise of 5.13%] In the secondary market, domestic insurance stocks continue to continue their upward trend. China Taiping (00966) led the increase, reaching 5.13%, with a price per share of HK$8.82. China Life Insurance (02628) competed, rising 3.78% to offer HK$12.08. At the same time, China Pacific Insurance (02601) and China Ping An (02318) reported 3.74% and 3.49% respectively.troncryptogamesThe increase was closely followed, with prices per share of HK$20.2 and HK$41.55 respectively. [The life insurance business of listed insurance companies has picked up, and premiums have increased significantly year-on-year] The life insurance business of many listed insurance companies showed obvious signs of recovery in April. CPIC Life and China Life led the gains with year-on-year growth rates of 12.29% and 11.63%, respectively. The non-bank team of Huaxi Securities pointed out that this phenomenon is mainly due to the continued recovery of supply-side personal insurance channels and the relief of the pressure on new orders in the bancassurance channel. [The lifting of the "one-to-three" restriction on the bancassurance channel will benefit small and medium-sized insurance companies] Huafu Securities pointed out that the lifting of the "one-to-three" restriction on the bancassurance channel will bring marginal benefits to small and medium-sized insurance companies, and it is expected that their large negative growth in the early period will be effectively alleviated. At the same time, head insurance companies will also rely on their advantages in the number of outlets and cooperation advantages to expand the scale of contracts, thereby further expanding the scope of contracts under the new regulations. The significant improvement in the term structure has led to a general increase in value ratios, which is expected to promote the growth rate of long-term delivery scale.