德意志银行-中国保险业-china insurance sector：a new perspective-20170713-deutschebank

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1、DeutscheBankMarketsResearchIndustryDateChinaInsurance13July2017SectorAsiaHongKongBanking/FinanceInsuranceEstherChweiLexieZhouResearchAnalystResearchAnalyst(+852)22036200(+852)22036180esther.chwei@db.comlexie.zhou@db.comF.I.T.T.forinvestorsAnewperspectiveRewardingquality–identifyingplayerswiththestro

2、ngestprotectionfocusIntroducedlastyear,theC-ROSSreportsdon’tjustprovideregulatorswithriskcontrolsoverthelifesector,theyalsoenableanalyststoquantify,forthefirsttime,theunderlyingmixofbusinesswrittenbytheindustry.Withthisdata,wecanbetterassesswhohasthebeststrategicfocusonhigher-valueprotectionpolicies

3、andwhohasthebestriskmanagementcapabilities;wehaverevisedourtargetvaluationstorankthestocksaccordingly.ThemostsignificantchangeisforNCI,witha64%highervaluation–weupgradethestocktoBuyandoneofourTopPicks.PingAnleadswiththeresultsofouranalysisandisaTopPickaftera35%liftinvaluation._______________________

4、_________________________________________________________________________________________DeutscheBankAG/HongKongDistributedon:12/07/201721:16:34GMTDeutscheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaff

5、ecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.0bed7b6cf11cDeutscheBankMarketsResearchAsiaIndustryDateHongKongChinaInsurance13July2017Banking/FinanceInsurance

6、SectorFITTResearchEstherChweiLexieZhouAnewperspectiveResearchAnalystResearchAnalyst(+852)22036200(+852)22036180esther.chwei@db.comlexie.zhou@db.comRewardingquality–identifyingplayerswiththestrongestprotectionfocusKeyChangesIntroducedlastyear,theC-ROSSreportsdon’tjustprovideregulatorswithriskCompanyT

7、argetPriceRatingcontrolsoverthelifesector,theyalsoenableanalyststoquantify,forthefirst0966.HK28.70to-time,theunderlyingmixofbusinesswrittenbytheindustry.Withthisdata,we36.90(HKD)canbetterassesswhohast