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1、DeutscheBankMarketsResearchAsiaIndustryDateHongKongChinaInsurance17June2017Banking/FinanceInsuranceSectorIndustryUpdateEstherChweiLexieZhouMaypremium-AcceleratedLife;ResearchAnalystResearchAnalyst(+852)22036200(+852)22036180StableP&Cesther.chwei@db.comlexie.zhou@db.comDecentp
2、ick-upinLifegrowth;P&CremainedsteadyToppicksLifepremiumssawadecentaccelerationinMay,withgrowthintherangeCPIC(2601.HK),HKD29.75Buyof-0.2-128.9%yoy(vs.-17.2-36.1%inApril).MostinsurersrecordedstrongChinaLife(2628.HK),HKD24.00Buygrowth(exceptNCIduetobusinessrestructuring),withPIC
3、CGroupleadingatSource:DeutscheBank128.9%,followedbyPingAnat29.0%andTaipingat18.3%duetodecentgrowthinregularpremiums(+21.1%).P&Cpremiumgrowthremainedstable,CompaniesFeaturedwithkeyplayersintherange13.3-34.2%(vs.7.8-28.0%inApril)despiteweakChinaLife(2628.HK),HKD24.00Buyautosale
4、s(MayPVwholesale-2.6%yoy).Wemaintainourmedium-termPingAn(2318.HK),HKD50.15Buypositiveviewonlifeinsurers.Toppicks:CPICandChinaLife.WealsolikePICCCPIC(2601.HK),HKD29.75Buyasanattractivevalueplay.NCI(1336.HK),HKD39.80HoldCTIH(0966.HK),HKD19.24BuyLife–adecentaccelerationPICCGroup
5、(1339.HK),HKD3.27HoldPICCGroupledMaygrowthat128.9%(vs.+27.9%inApril),followedbyPingPICCP&C(2328.HK),HKD12.74BuyAnat29.0%(+36.1%),Taipingat18.3%(+11.1%),CPICat17.0%(+13.3%),ChinaRe(1508.HK),HKD1.74HoldChinaLifeat13.1%(+1.1%),andNCIat-0.2%(-17.2%).PingAn’sgrowthwasChinaLife(601
6、628.SS),CNY26.84BuyinlinewithitsFYP(ex-Grp)growthof31.0%,whichislikelyduetoanPingAn(601318.SS),CNY46.72BuyexpandingagencychannelandhenceshouldbodewellforVNBgrowth.ChCPIC(601601.SS),CNY31.63BuyTaiping’sdisclosureshowedits18.3%growthwasmainlydrivenbyindividualNCI(601336.SS),CNY
7、49.18Holdregularbusiness(+25.2%yoy),whichwaspartlyoffsetbyweakSource:DeutscheBankbancassurancesinglepremiums(-75.8%yoy).Intermsof5M17performance,PingAnledat38.5%yoy(vs.+40.0%in4M17),followedbyCPICat36.5%(+39.7%),Taipingat31.6%(+33.0%),ChinaLifeat19.3%(+20.0%),PICCGroupat0.7%(
8、-5.7%)andNCIat-17.5%(-19.6%).P&C–steadygrowthP&Cbusinessrecordedstea
