China Pacific Insurance (601601): Major shareholders continue to increase their holdings for 1 quarter

China Pacific Insurance (601601): Major shareholders continue to increase their holdings for 1 quarter

Event: CPIC Q1 life insurance and property insurance premium income increased by 2 respectively.

8%, 12.

From 7% to 923 trillion and 354 trillion, the group’s net profit was 54.

80,000 yuan, an increase of 46 in ten years.

1%, net assets attributable to mothers increased by 8.
.

4% to 1621 million.

Major shareholders Shanghai State-owned Assets Supervision and Administration Commission and Shenneng Group continued to increase CPIC’s shares in the first quarter.

2019Q1 Shanghai State-owned Assets Supervision and Administration Commission and Shenneng Group each increased their holdings by 0.

17% and 0.

45% stake to 5.

58% and 14.

64%. This is the fourth consecutive quarter that Shanghai State-owned Assets Management increased its shares in the company since the second quarter of last year. (Shenneng Group increased its shareholding by 0 in Q3 and Q4 last year.

02% and 0.

65%, Shanghai State-owned Assets Supervision and Administration Commission increased its holdings by 0 in the second to fourth quarters of last year.

2%, 0.

47% and 0.

06%), which may indicate that the company was previously undervalued for a long time; the company ‘s Q1 life 杭州桑拿网 insurance performance was average, but the inflection point gradually appeared under the stability of the merger.

1) CPIC Life Q1 new long-term single level insurance.

1% to 155.

2 trillion, the short-term insurance performance is huge and strong, driving the decline in new orders for insurance to reduce to -13.

1%, CPIC Life’s Q1 data is generally mainly due to the late start of the start, the former general manager and the individual insurance company leave from January to February, the business rhythm of the headquarters and branches is not uniform, and this year, the start of the national start to define the pension community(In the economically developed Shanghai area, the payment of new single-term payments increased by 7%), and the annual budget target achievement rate of new business value was 41.

9%, ranked 北京桑拿洗浴保健 first in the branch, and CPIC’s main operating area is still non-urban market); 2) With Ms. Pan Yanhong’s appointment in February as general manager and party secretary of life insurance company, former general manager of personal business department and human resources departmentYu Hua determined to manage individual insurance channels, and after the start-up effect weakened, CPIC’s new order data showed an inflection point. The growth rate of new policy premiums in March and April were above 10%. The focus of 19-year life insurance wasService), marketing and consulting team) resonance, triple empowerment “, as well as institutional standardization and coordinated development of key regions, the growth rate of vertical life insurance Nbv is expected to be about 5%; the company’s net profit growth rate is higher than expected, mainly due to the large increase in investment incomeAnd the replacement rate dropped 1) CPIC’s Q1 net profit was 54.

80,000 yuan, an increase of 46 in ten years.

1%, of which the net profit of life insurance and property insurance subsidiaries increased by 43.

6% and 126.

7%, net assets attributable to mothers increased by 14.
.

6% and 4.

3%, slightly higher than expected; 2) Group Q1 investment income of 16.6 billion US dollars, an increase of 39 each year.

2%, if 95 trillion floating profit is considered, the actual annualized comprehensive investment return is about 7.

61%; 3) CPIC’s Q1 revenue increased by 25.

1%, which is basically lower than 38 in the same period last year.

3%, which is mainly due to the decrease in the process expense ratio of auto insurance under strong supervision; CPIC Property & Casualty Insurance has shown a relatively high quality growth this year, and the growth rate of non-automotive business of property insurance has reached 28.

2%.

Among them, the growth rate of emerging businesses was 45.

6%.

The heavy passenger business grew at a rate of 20%, a new high in recent years, and the drag on P & C’s assessment of the group will gradually diminish; we expect CPIC Group’s gradual growth to be about 17.
89%, life insurance ev growth rate is about 20.

74%, the current corresponding estimate of A shares is 0.
83 times, continue to give a Buy rating.

Risk reminder: Equity market drops sharply, long-term risk-free returns continue to fall sharply, and health insurance new policy premiums are not growing as expected