Core Viewpoint - UBS reports that the competitive threat from automotive manufacturers' affiliated insurance companies is limited, believing that China Pacific Insurance (02328) will benefit from strong pricing and claims capabilities, expecting it to achieve a turnaround faster than peers by 2025 [1] Company Summary - UBS has raised the profit forecast for China Pacific Insurance for 2025 to 2029 by 3% to 8%, increasing the target price from HKD 20.7 to HKD 21.8, while maintaining a "Buy" rating [1] Industry Summary - UBS forecasts a compound annual growth rate (CAGR) of 27% for the insurance premiums of new energy vehicles in mainland China from 2024 to 2030, reaching RMB 592 billion, primarily driven by fleet size [1] - The comprehensive cost ratio (CoR) for the new energy vehicle industry is projected to be 107% in 2024, with expectations of a turnaround by 2027 [1] - By 2030, the underwriting profit for new energy vehicles is expected to reach RMB 17 billion [1]

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]