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1、ChinaInsuranceSectorDeutscheBankMarketsResearchAsiaIndustryDateChina22January2018HongKongChinaInsuranceBanking/FinanceSectorIndustryUpdateInsuranceDecemberpremiums–mixedlife,steadyP&CEstherChweiLifepremiumgrowthamixedbag,stableP&CResearchAnalystDecemberlifep
2、remiumgrowthwasmixed,rangingfrom-28.0%to23.6%(vs.-18.6%to25.5%inNov).PingAnandChinaLifecontinuedtobetheonlytwo+852-22036200insurersrecordingdouble-digitgrowth,at23.6%and23.5%yoy,respectively.LexieZhouPingAnmaintaineddecentDecFYP(ex-grp)growthat20.8%,withstro
3、ng2017ResearchAnalystfull-yeargrowthof37.4%.ChinaLifehadplannedtostart2018jump-startsales+852-22036180preparationlaterthanitspeers,andthusmaintainedasteadygrowthmomentuminDec.GiventherisingcompetitionfrombankWMPs,2018jump-startsaleswillToppicksbechallengingf
4、orlifeinsurers,andinsurerswithstrongprotectionfocuswilllikelyPingAn(2318.HK),HKD90.10Buybemoreresilient.P&Cpremiumgrowthwaslargelystable,rangingfrom8.9%NCI(1336.HK),HKD56.00Buyto35.7%(vs.11.2%to27.2%inNov),ledbyChTaiping(+35.7%).WemaintainSource:DeutscheBank
5、ourpositiveviewonChineseinsurersonvaluationsandpreferlifeoverP&C.TopCompaniesfeaturedpicks:PingAnandNCI.ChinaLife(2628.HK),HKD26.20HoldPingAn(2318.HK),HKD90.10BuyLife–mixedperformanceCPIC(2601.HK),HKD39.65BuyPingAnledDecgrowthat23.6%yoy(vs.+25.5%inNov),follo
6、wedbyChinaLifeNCI(1336.HK),HKD56.00Buyat23.5%(+14.4%),NCIat9.0%(+4.7%),PICCGroupat5.9%(-18.6%),CPICatCTIH(0966.HK),HKD34.45Buy-1.3%(+5.9%),andTaipingat-28.0%(+4.5%).Intermsof2017full-yeargrowth,PICCGroup(1339.HK),HKD4.19HoldPingAnledat33.4%yoy(vs.+34.2%in11M
7、17),followedbyCPICat26.7%PICCPC(2328.HK),HKD16.38Hold(+27.6%),Taipingat20.5%(+24.5%),ChinaLifeat19.0%(+18.8%),PICCGroupChinaRe(1508.HK),HKD1.79Holdat-2.6%(-2.8%),andNCIat-2.9%(-3.4%).TaipingLiferecordeddecentindividualChinaLife(601628.SS),CNY31.84Holdregular
8、premiumsgrowthof34.0%in2017,despiteaweakDec(-35.3%)asthePingAn(601318.SS),CNY77.37Buycompanyfocusedonjump-startpre-sales.CPICreportedagencychannelgrowthCPIC(601601.SS),CNY41.59Buyof33.6%,with32.
