The Zhitong Finance App learned that CMB International released a research report saying that China Financial Insurance (02328) 2026 Investor Day confirmed that the “15th Five-Year Plan” plan period (2026 to 2030) turned the scale of personal non-car insurance and underwriting profits into the second growth curve. The bank maintained a “buy” rating and extended the valuation benchmark to 2027. The target price was raised from HK$20 to HK$21, which is equivalent to 1.3 times the 2027 market account rate, which is 19.8% higher than yesterday's closing price.
The bank pointed out that the company's personal non-car insurance premium income reached 55.8 billion yuan in fiscal year 2025, with a compound annual growth rate of 23.9% from 2021 to 2025, which is higher than the overall market. Personal non-car insurance premiums for the first three quarters of 2026 were RMB 50.3 billion (accounting for 11%), an increase of 16.3% over the previous year, and an increase of about RMB 7 billion, accounting for 97% of the company's total premium increase.
The company aims to exceed 60 billion yuan in 2026 and aims to reach 100 billion yuan by 2030, which means a compound annual growth rate of about 13.6%. According to conservative estimates, if the comprehensive cost ratio for personal non-car insurance is the same as 98% for the first three quarters of 2026, the underwriting profit can account for about 6% of the total underwriting profit. By 2030, if the comprehensive cost ratio is further improved to 95%, the share of underwritten profit can be expanded to close to 20%.