PICC Property and Casualty Co Ltd Class H

02328: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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PICC P&C Earnings: Nonauto Combined Ratio Worsens on Natural Cat Losses; Auto Combined Ratio in Line

Iris Tan

Oct 31, 2024

We maintain our HKD 12 fair value estimate for PICC Property and Casualty following the company's in-line third-quarter results, which showed accelerated growth in year-to-date insurance revenue and net profit, rising 5.3% and 38% year on year, respectively. The stock appears fairly valued, trading at 1.0 times 2024 book value and offering a dividend yield of 4.5%, compared with peers trading at 0.6-0.9 times book value. We believe this valuation premium is justified by PICC P&C’s consistent margins through the business cycle and effective management execution.

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United States

PICC Property and Casualty Co Ltd Class H

PICC P&C Earnings: Nonauto Combined Ratio Worsens on Natural Cat Losses; Auto Combined Ratio in Line

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