Bank of America Securities released a research report stating that PICC GROUP (01339) recorded a 14% year-over-year increase in net profit for the first half of the year. The company achieved stable premium growth, with its property and casualty insurance business growing 4% year-over-year, while the combined expense ratio improved to 94.8%. The life insurance segment's new business value surged 27% year-over-year to RMB 8.8 billion.

The bank has raised its earnings forecasts for PICC for 2025-2027 by 1% to 10%, reflecting higher investment income assumptions and improved expectations for property and casualty insurance revenue. Consequently, the firm increased the company's target price by 7%, from HK$6.6 to HK$7, while reiterating its "neutral" rating.