Zhongtai Securities issued a note on China P&C Insurance (PICC P&C), highlighting that product development rules for non-auto insurance have been upgraded from 'guidelines' to 'regulations', and that comprehensive governance of non-auto insurance is deepening into product design. The broker estimates that full implementation of the policy series could reduce the annual combined expense ratio for non-auto insurance by about 3 percentage points, boosting underwriting profit by RMB 423 million, RMB 2.03 billion, and RMB 1.852 billion for 2026-28 respectively (after earned premium effects).
Zhongtai Securities is bullish on China P&C Insurance, expecting regulatory tightening on non-auto insurance to reduce expense ratios and boost underwriting profits over 2026-28.
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