Bank of America Securities issued a report stating that PICC P&C (02328) reported a first-quarter net profit of 8.6 billion yuan, a decrease of 24% year-on-year. This was primarily due to a decline in investment income, where realized investment gains rose from 5 billion yuan to 10.4 billion yuan, but fair value losses widened from 400 million yuan to 8.6 billion yuan. During the period, underwriting profit was 7.4 billion yuan, an increase of 7% year-on-year, benefiting from lower losses from natural disasters and reduced expenses. The firm maintained its "Buy" rating on PICC P&C with a target price of HK$18.4. Management has set the combined ratio targets for this year's auto and non-auto insurance businesses at 96% and below 100%, respectively, similar to last year's targets. Bank of America believes these targets are achievable under normal circumstances, with the main uncertainty stemming from natural disasters this year. Considering the attractive valuation, equivalent to a forecasted price-to-book ratio of 0.9 times for this year, the estimated dividend yield is 5.5%.