According to a research report, Morgan Stanley stated that PICC P&C's (02328) 2025 results were generally in line with expectations. The firm has updated its risk-return model but noted that the non-auto insurance combined ratio exceeded 100% and investment performance in the fourth quarter of last year was slightly weaker. The bank believes that PICC P&C's new management team may place greater emphasis on the combined ratio and shareholder returns. Consequently, Morgan Stanley has reduced its target price for the insurer by 1%, from HK$20.7 to HK$20.5, while maintaining an "Overweight" rating. Morgan Stanley forecasts earnings per share for PICC P&C of RMB 1.79 and RMB 1.93 for the current and next fiscal years, respectively.