Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Sunshine Insurance Group  Lt / Equity Capital Markets

<ul>
<li>Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise around US$950m in its HK IPO.</li>
<li>SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.</li>
</ul>


Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise around US$950m in its HK IPO.
SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.
We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.


Sunshine Insurance Group IPO - Needs to Correct by Only 50%

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunshine-insurance-group" target="_blank" data-smartkarma-citation="entities:36464:1" rel="noopener">Sunshine Insurance (SUN HK)</a>, a Chinese life and P&amp;C insurance company, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/sunshine-insurance-group-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:85205" rel="noopener">Sunshine Insurance Group IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.  </li>
<li>The key elements of the bear case rest on Sunshine Life’s VNB margin decline and agent channel pressure; Sunshine P&amp;C’s regulatory pressure on premiums and the group's declining investment yield.</li>
</ul>



Sunshine Insurance (SUN HK), a Chinese life and P&amp;C insurance company, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.
In Sunshine Insurance Group IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.  
The key elements of the bear case rest on Sunshine Life’s VNB margin decline and agent channel pressure; Sunshine P&amp;C’s regulatory pressure on premiums and the group's declining investment yield.


Sunshine Insurance Group IPO: The Bear Case

<ul>
<li>Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.</li>
<li>SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will undertake a peer comparison.</li>
</ul>


Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.
SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.
We have looked at the company’s past performance in our previous notes. In this note, we will undertake a peer comparison.


Sunshine Insurance Group Pre-IPO - Peer Comparison - Fastest in One Segment, Slowest in the Other

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunshine-insurance-group" target="_blank" data-smartkarma-citation="entities:36464:1" rel="noopener">Sunshine Insurance (SUN HK)</a>, a Chinese life and P&amp;C insurance company, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.</li>
<li>In 2020, Sunshine P&amp;C ranked seventh and Sunshine Life ranked 12th as measured by original premiums income market share, according to the CBIRC and the Insurance Association of China.</li>
<li>The key elements of the bull case rest on Sunshine Life’s robust premium growth and high persistency ratio; Sunshine P&amp;C’s underwriting profits in 9M22 and its high group solvency ratio.</li>
</ul>



Sunshine Insurance (SUN HK), a Chinese life and P&amp;C insurance company, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.
In 2020, Sunshine P&amp;C ranked seventh and Sunshine Life ranked 12th as measured by original premiums income market share, according to the CBIRC and the Insurance Association of China.
The key elements of the bull case rest on Sunshine Life’s robust premium growth and high persistency ratio; Sunshine P&amp;C’s underwriting profits in 9M22 and its high group solvency ratio.


Sunshine Insurance Group IPO: The Bull Case

<ul>
<li>Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.</li>
<li>SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the updates from its latest filings.</li>
</ul>


Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.
SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the updates from its latest filings.


Sunshine Insurance Group Pre-IPO - PHIP Updates - Mixed Bag

China

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance services provider. The Company offers life and property insurance products through its subsidiaries.

Ping An Insurance (Group) Company of China Limited provides products and services through its five ecosystems in financial services, healthcare, auto services, real estate services and Smart City solutions. The Group's insurance business writes property, casualty, and life insurance products.

New China Life Insurance Company Limited provides life insurance in local and foreign currencies, acts as an insurance agent, provides checks, claims and insurance consulting. The Company's main products include life insurance, accident insurance, health insurance products and services.

The People's Insurance Company (Group) of China Limited, through its subsidiaries, offers a range of property and casualty insurance products. The Company also offers asset management services for a variety of customers throughout China.

China Life Insurance Company Ltd. offers a wide range of life, accident, and health insurance products and services.

China Reinsurance (Group) Corporation is a reinsurance company. The company operates four principal business segments, consisting of P&C reinsurance, life and health reinsurance, primary P&C insurance and asset management businesses.

ZhongAn Online P & C Insurance Co., Ltd. operates as an insurance company. The Company develops and sells health, airline, and automotive insurance, and other products. ZhongAn Online P & C Insurance also offers online consumer finance services.

Fanhua, Inc. operates an independent insurance agency and brokerage company. The Company provides wealth management, property, casualty, and life products, as well as consumer finance, insurance claims adjusting services,such as damage assessments, surveys, authentications, and loss estimations.

CITIC Securities Co., Ltd. provides securities brokerage, trading, underwriting, investment banking, asset management, and investment consulting services.

Ping An Bank Co Ltd provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, discount, currency trading, letter of credit, bank guarantee, and other related services.

Sompo Holdings, Inc, is a holding company established through the integration of Sompo Japan Insurance Inc. and NIPPONKOA Insurance Company Limited. Through subsidiaries, the Company provides non-life insurance including marine, fire, and automobile, as well as life insurance.

The Dai-ichi Life Insurance Company Ltd. underwrites and sells life, health and annuity insurance to groups and individuals. The Company offers a wide variety of insurance products to suit different needs, ranging from children's school tuition to emergency funds for the elderly.

Arch Capital Group Ltd. is a Bermuda-based insurance and financial services company that provides reinsurance and insurance products on a worldwide basis.

Cincinnati Financial Corporation, through its subsidiaries, offers property and casualty and life insurance.  The Company markets a variety of insurance products and provides leasing and financing services.

Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets.  The Company also underwrites a diverse property, casualty, marine, and aviation insurance and reinsurance business on a worldwide basis.

W. R. Berkley Corporation, an insurance holding company, conducts operations in various segments of the property casualty insurance business.  Segments include specialty lines of insurance, alternative markets, reinsurance, regional property casualty insurance, and international.

Principal Financial Group, Inc. offers businesses, individuals and institutional clients a range of financial products and services.  The Company offers retirement solutions, life and health insurance, wellness programs, and investment and banking products.

Cathay Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company provides traditional life, health care, and accident insurances, as well as banking, security underwriting, and brokerage services.

The Hartford Financial Services Group, Inc. provides a range of insurance products.  The Company's products include property and casualty insurance, group benefits and mutual funds.  Hartford Financial is based and operates in the U.S.

Brown & Brown, Inc. and its subsidiaries provide a range of insurance and reinsurance products and services.  The Company also provides risk management, employee benefit administration, and managed health care services.  Brown & Brown operates offices across the United States.

PICC Property and Casualty Company Limited provides insurance services. The Company provides property loss insurances, liability insurances, credit insurances, accidental injury insurances, short term health insurances, guarantee insurances, and other insurance products. PICC Property and Casualty also operates investment businesses.

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PICC Property & Casualty H (2328 HK)

Sunshine Insurance Group IPO - Needs to Correct by Only 50%

Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise around US$950m in its HK IPO. In this note, we talk about...

Sumeet Singh

Sunshine Insurance Group IPO: The Bear Case

The key elements of the bear case rest on Sunshine Life’s VNB margin decline and agent channel pressure; Sunshine P&C’s regulatory pressure on...

Arun George

Sunshine Insurance Group Pre-IPO - Peer Comparison - Fastest in One Segment, Slowest in the Other

Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise up to US$1bn in its HK IPO. In this note, we undertake a...

Sumeet Singh

Sunshine Insurance Group IPO: The Bull Case

The key elements of the bull case rest on Sunshine Life’s robust premium growth and high persistency ratio; Sunshine P&C’s underwriting profits in...

Arun George

Sunshine Insurance Group Pre-IPO - PHIP Updates - Mixed Bag

Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise up to US$1bn in its HK IPO. In this note, we talk about the...

Sumeet Singh

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