DBS: People’s Ins Co Group of China (1339.HK/ 601319.CH) – Hold Target Price HK$2.80/ RMB5.51

P&C contribution outstanding

• P&C business improvement to drive operating profit
• Bancassurance channel to drive L&H’s growth, with VNB expected to increase by mid-single-digit in FY24F/25F 
• Stock offers attractive dividend yield in FY24F/25F
• TP lifted to HK$2.8, maintain HOLD; we prefer PICC P&C (2328 HK) over PICC (1339 HK)