Bank of America Securities: Lowered China People's Insurance Group target price to HKD 7.5, reiterating "Buy" rating

SadMoneyMeow · 2026-03-27T14:51:14+00:00

Bank of America Securities believes that China People's Insurance Group's performance last year met expectations, with dividend growth outpacing profits, and net profit increasing by 10% in fiscal year 2025. Although concerns arose due to reduced investment income in the fourth quarter, overall performance remains within expectations. Profit forecasts for 2026 and 2027 are expected to be revised downward by 4% to 5%, with the target price lowered from HKD 7.8 to HKD 7.5, maintaining a "Buy" rating.

SadMoneyMeow

2026-03-27 14:51:14

Abstract generation in progress

BofA Securities published a research report saying that China Life Insurance Group (01339)’s last year performance met expectations, with the growth rate of dividend per share outpacing that of earnings per share. For fiscal year 2025, net profit reached RMB 46.2 billion, up 10% year over year, mainly benefiting from strong investment returns. There may be some concerns stemming from a decline in investment returns in last year’s fourth quarter and underwriting losses, but overall performance met expectations. Based on assumptions of a deterioration in the combined cost ratio and a slowdown in growth expectations, the firm cut its earnings forecasts for PICC for fiscal years 2026 to 2027 by 4% to 5%. The target price was lowered from HK$7.8 by 4% to HK$7.5, and the “Buy” rating was reiterated.

(责任编辑：王治强 HF013)

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