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Credit Suisse Keeps Overweight for Chinese Insurers; Top Pick CHINA LIFE

 Credit Suisse, in its report, expected the growth of the PRC life insurance sector to normalise, but the momentum of listed insurers remains strong, with value of new business (VONB) growth at 20% level in 2017. The improvement in agency channel and product mix is critical for growth and value creation. The broker is confident on long-term growth of life business on low penetration and potential pension reforms.

The broker kept the Overweight industry view with CHINA LIFE (02628.HK)  +0.250 (+1.174%)    Short selling $94.45M; Ratio 20.406%   as the top pick with target price of $27, as it should benefit from the macro and regulatory environment. PING AN (02318.HK)  -0.200 (-0.496%)    Short selling $25.93M; Ratio 6.867%   and CHINA TAIPING (00966.HK)  +0.160 (+0.948%)    Short selling $22.24M; Ratio 11.430%   are also liked on strong growth and long-term quality, with target prices of $55 and $24.

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