PICC Property and Casualty Co Ltd Class H

02328: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HKD 76.00	Hgz	Crqqhcvl

PICC P&C’s Q1 Posted Stronger-Than-Expected Improvement in Nonauto Insurance

Iris Tan

May 3, 2022

We have increased our fair value estimate for no-moat PICC P&C to HKD 10.50 from HKD 9.00 per share following its first-quarter results as we modestly lift our assumption for investment income and our underwriting assumption for nonauto insurance business including commercial property, liability, and accident insurance in 2022.

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