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<Research>UBS: Recovery of PAR Insurance Products in CN Favors Life Industry
Recommend 13 Positive 28 Negative 4 |
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UBS published a report indicating that the National Financial Regulatory Administration (NFRA) had promulgated guidelines on promoting high-quality development of health insurance, which are positive and significant. Insurance companies with excellent regulatory ratings are allowed to launch participating (PAR) long-term health insurance. Although the implementation details are not finalized, it is expected to adopt a transitional solution of “PAR saving policy + critical illness (CI) rider”. Despite the introduction of PAR feature, regulators will continue to focus on the fundamental purpose of protection. In UBS view, the key winner factors for PAR health insurance include strong regulatory ratings, investment and distribution capabilities, focus on protection products, and the construction of a healthcare ecosystem. Based on these factors, UBS was optimistic about AIA China as a major beneficiary. Among domestically listed insurance companies, PING AN (02318.HK) is relatively focused on protection products. Ping An also has a comprehensive online and offline healthcare ecosystem, which may create synergies with health products such as CI insurance. AASTOCKS Financial News Website: www.aastocks.com |
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