德意志银行-中国-保险业-中国保险业7月保费窄幅增长-20170818-China Insurance Sector July premium-Slightly moderated growth for both Life and P＆C-20170818-DeutscheBank.pdfVIP

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德意志银行-中国-保险业-中国保险业7月保费窄幅增长-20170818-China Insurance Sector July premium-Slightly moderated growth for both Life and P＆C-20170818-DeutscheBank.pdf

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China Insurance Sector Deutsche Bank Markets Research Asia Industry Date China China Insurance 18 August 2017 Hong Kong Banking / Finance Sector Industry Update Life Insurance July premium – Slightly moderated growth for both Life and PC Esther Chwei Slightly moderated Life and PC July Life premium growth moderated slightly after a robust 1H17, ranging from Research Analyst - .1% to 28.1% (vs. -50.8 to 29.7% in Jun). Ping An, Taiping and China Life +852-2203 6200 maintained double-digit growth at 28.1%, 16.0% and 14.8% respectively. Ping An recorded slower FYP (ex-Grp) growth into 2H17, at 19.1% yoy in July (vs. Lexie Zhou +44.2% in 1H). However, we believe life insurers have switched to focus more on Research Analyst value growth in 2H17, hence the growth moderation should not be a concern. +852-2203 6180 PC premium growth also saw slight deceleration, with key players ranging from 13.0% to 25.9% (vs. 16.6% to 47.2% in Jun), in-line with the moderated growth in Top picks July auto sales (-9.2% mom). We maintain our positive view on Chinese insurers. Ping An (2318.HK),HKD59.35 Buy Top picks: Ping An and NCI. NCI (1336.HK),HKD50.20 Buy Source: Deutsche Bank Life – moderated momentum Companies featured Ping An led July growth at 28.1% yoy (vs. +2