Core Viewpoint - UBS reports that China's property insurance performance in the first half of the year exceeded market expectations, driven by a 45% year-on-year surge in underwriting profit and a 27% year-on-year increase in total investment income [1] Summary by Relevant Categories Financial Performance - The net profit after tax (NPAT) growth is attributed to significant increases in underwriting profit and total investment income [1] - Underwriting profit increased by 45% year-on-year [1] - Total investment income grew by 27% year-on-year [1] Future Projections - UBS forecasts total premium growth of 4.5%, automotive insurance premium growth of 3.5%, and non-automotive insurance premium growth of 5.8% by 2025 [1] - The net asset value and NPAT forecasts have been raised by 4% and 6% respectively, reflecting better-than-expected combined cost ratios and improved market sentiment [1] Valuation Adjustments - UBS has adjusted the valuation multiples to reflect a more favorable macroeconomic environment and supportive policy conditions [1] - The target price has been raised from HKD 18.7 to HKD 20.7, maintaining a "Buy" rating [1]
大行评级｜瑞银：中国财险上半年业绩超预期 目标价上调至20.7港元