Non-auto CoR better than expected; sustain 40%+ payout in next two years

M N 2 Apr 2024 CMB International Global Markets | Equity Research | Company Update PICC P&C (2328 HK) Non-auto CoR better than expected; sustain 40%+ payout in next two years PICC P&C reported solid underwriting combined ratio (CoR) at 97.8%, 0.3pct Target Price HK$11.90 lower than our estimate (98.1%), primarily driven by better-than-expected non- (Previous TP HK$11.70) auto CoR at 99.1%, 0.7pct lower than our forecast (99.8%, link). Within the non- Up/Downside 15.3% auto segment, both individual and corpo ...