China Insurance Sector:Jun premium

Steady Life and P&C growth to conclude 1H17.

    Most life insurers (except PICC Group) saw steady growth momentum in Jun,ranging from -50.8 to 29.7% yoy (vs. -0.2to 128.9% in May), with most insurersrecording positive growth, including NCI. Ping An Life recorded decent 1H17 FYPgrowth of 39% and CPIC disclosed robust agency FYP growth of ~42%. P&Cpremium growth also remained steady, with key players ranging from 16.6-47.2%(vs. 13.3-34.2% in May) along with pickup in Jun auto sales (+4.5% yoy). Wemaintain our positive view on Ch insurers. Top picks: Ping An and NCI.

    Life