Morgan Stanley has issued a research report indicating that PICC P&C's first-quarter results for this year were in line with expectations. The underwriting performance was notably robust, although the company experienced short-term pressure on its investment side. Net profit for the period declined by 23.7% year-on-year, slightly below the bank's forecasted 20% drop. The implied annualized return on equity was approximately 11.9%, while book value per share saw a modest quarter-on-quarter increase of 1.8%. Premium growth expectations are aligned with industry growth. The firm reaffirmed its "Overweight" rating on the group, with a target price of HK$20.5. The report noted that management has expressed greater confidence in its full-year guidance, further solidifying its leading position in the auto insurance market. Non-auto insurance business continues to improve amid regulatory easing, and the dividend per share is also expected to potentially increase.