<News alert>: PICC P&C (2328 HK, BUY) issued positive 3Q22 profit alert, +ve to share price
- PICC P&C released positive profit alert, expecting the net profit in the first three quarters to range from Rmb25-26bn. This implies PICC P&C’s 3Q22 preliminary net profit would reach Rmb 6-7bn, or +70%-99% y-o-y.
- PICC P&C’s better than expected result is mainly due to a) strong growth momentum in auto, A&H, agricultural insurance (total GWP +11% y-o-y in 3Q22), b) better than expected claim cost control and expense reduction
- We have a BUY on PICC P&C with HK$11.0 TP
- We will provide further update after the companies’ analyst call on 28 Oct
