Ping An rise 3% fee growth slightly slower not hurt market bullish expectations

China's Ping An, which disclosed the latest premium data, climbed 2.66% to HK $55.95 in the run-up to its share price, trading 352,600 shares, and the Ping an shares (601318-CN) of China also surged 4.68% to 57.24 yuan; it was unaffected by a slight slowdown in premium income growth. According to the company, its 1-June audit of life insurance, insurance, health insurance and pension insurance premiums were 73.346 billion yuan, 18.606 billion yuan, 47.36 million yuan and 528 million yuan respectively, the overall premium income year-on-year growth of 33.9%, inferior to the first 4, 5 months 38% and 35%.　　Only market comments suggest that Ping An's premium growth has always been better than that of its peers, and it is estimated that a slight slowdown would not undermine its attractiveness.　　The announcement also showed that the first half of China's Ping An insurance premium income was 73.35 billion yuan, an increase of nearly 36% per cent, but the June increase was only 24.59%, slightly above 22% in May. Credit Suisse issued a report saying it maintained the market-winning rating, with a target price of HK $71, which was 27% higher than the market price. The normalization of life insurance premiums (which fell from 40% to 25% in June) reflects a peaceful effort to reduce the insurance sales of bank channels. Credit Suisse expects a sharp rebound in second-quarter returns (disappointing in the first quarter), thanks to the fact that the amount of premium data so far this year suggests that Credit Suisse's forecast for a 25% increase in the new contract value for the 09 fiscal year is likely to rise, and that corporate value will grow by 15.9% in the first half The favorable environment created by the rebound in the stock market.