PICC Property and Casualty nine-month insurance revenue up 2.4%

Overview

• China property and casualty insurer's nine-month insurance revenue rose 2.4% yr/yr

• Company recorded underwriting profit and combined ratio declined 0.3 percentage points yr/yr

• Results driven by strengthened operations, digital-intelligent empowerment and improved risk prevention

Outlook

• Company did not provide specific financial guidance for upcoming quarters or full year in its press release

Result Drivers

• PROFESSIONAL OPERATIONS - Co said strengthened professional operations contributed to results

• DIGITAL-INTELLIGENT EMPOWERMENT - Co attributed results to digital-intelligent empowerment

• RISK PREVENTION - Improved risk prevention cited as driver of results

Company press release: Full Story

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the property & casualty insurance peer group is "buy"

• Wall Street's median 12-month price target for PICC Property and Casualty Co Ltd is HK$20.00, about 22.9% above its October 30 closing price of HK$16.28

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago

Reuters Recommended Reads

• Oct 28 - China's Ping An Insurance nine-month revenue falls 12.6%, profit drops 27.3%

• Oct 29 - Insurer AIA Group's third-quarter new business value falls 5%

• Oct 28 - AXIS Capital Q3 gross premiums written rise 11%

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)