Core Viewpoint - Bank of America Securities reports that China People's Insurance Group (01339) achieved a net profit of 46.8 billion RMB for the first nine months of 2025, representing a year-on-year growth of 29% [1] Financial Performance - The company benefited from its property insurance business, recording an underwriting profit growth of 25% year-on-year in Q3 2025 [1] - Investment income exceeded expectations, with a year-on-year increase of 42% in Q3 2025 and a 60% increase for the first nine months [1] Earnings Forecast and Target Price - Bank of America Securities raised the earnings forecast for the group for 2025 to 2027 by 1% to 8% [1] - The target price for H-shares was increased by 8% to 8.2 HKD, while the target price for A-shares was raised by 8% to 7.2 RMB [1] Ratings - The H-share rating is maintained as "Buy," with a projected price-to-book ratio of 1x for 2026 [1] - The A-share rating is set as "Underperform," with a projected price-to-book ratio of 1.3x for 2026 [1]
美银证券：升中国人民保险集团目标价8.2港元 第三季度投资收益表现强劲