VNB growth accelerated; NP turned positive YoY

M N 6 May 2024 CMB International Global Markets | Equity Research | Company Update CPIC (2601 HK) VNB growth accelerated; NP turned positive YoY CPIC turned to positive VNB growth by +30.7% YoY in 1Q24, outpacing peers i.e. Target Price HK$24.80 China Life / Ping An +26.3%/+20.7% YoY in the corresponding period (link/link). (Previous TP HK$29.72) The strong VNB momentum was driven by margin expansion to an est.15.8%, Up/Downside 37.8% +3.7pct YoY (CMBI est), and a slight increase in FYP by 0.4% YoY to RMB32 ...