Core Viewpoint - UBS forecasts that the annual compound growth rate (CAGR) of insurance premiums for new energy vehicles (NEVs) in mainland China will be 27% from 2024 to 2030, reaching 592 billion yuan, primarily driven by fleet size [1] Industry Summary - The comprehensive cost ratio (CoR) for the NEV industry is expected to be 107% in 2024, with a turnaround anticipated by 2027 [1] - By 2030, underwriting profits for NEVs are projected to reach 17 billion yuan [1] Company Summary - UBS believes that the competitive threat from automotive manufacturers' affiliated insurance companies is limited, and that China Property & Casualty Insurance will benefit from strong pricing and claims capabilities [1] - The net profit forecasts for China Property & Casualty Insurance for 2025 to 2029 have been raised by 3% to 8%, with the target price increased from 20.7 HKD to 21.8 HKD, maintaining a "Buy" rating [1]
大行评级｜瑞银：上调中国财险目标价至21.8港元 重申“买入”评级