DBS: China Pacific Insurance Group Co Ltd – Buy Target Price HK$24; RMB24.62

Solid progress in new business

• Positive VNB growth expected in FY24F/25F, driven by strong demand for saving products 
• P&C underwriting profit expected to improve on robust non-auto premium growth, stable COR 
• Despite headwinds on bottom line due to weak investment performance, DPS expected to maintain a solid growth trend 
• TP cut to HK$24 on lower P/EV multiple due to weak sentiment towards China life insurers. With attractive dividend yield of 8%, maintain BUY