Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

China Pacific Insurance / Equity Bottom-Up

CPIC’s life business recorded stronger growth in January, with life premium increasing 56% from the year-ago period, versus 59% in January 2016. Such growth is higher than its close listed peers. The solid growth was attributable to its solid performance in the agent channel with agent headcount growing 40% to around 800,000 from the year-ago period and productivity seeing good improvement. Given the strong growth momentum, we expect CPIC’s new business value should remain at above 40% in 2016, versus 56% new business value growth in the first half of 2016.We maintain our HKD 35 fair value estimate as our forecasts largely factored in a mild recovery in P&amp;C business profitability. Given significant uncertainties during the business transformation and a changing economic environment, we reaffirm our no-moat and stable moat trend ratings.Anlayst: Iris Tan, CFA

CPIC’s life business recorded stronger growth in January, with life premium increasing 56% from the year-ago period, versus 59% in January 2016. Such growth is higher than its close listed peers. The solid growth was attributable to its solid performance in the agent channel with agent headcount growing 40% to around 800,000 from the year-ago period and productivity seeing good improvement. Given the strong growth momentum, we expect CPIC’s new business value should remain at above 40% in 2016, versus 56% new business value growth in the first half of 2016.We maintain our HKD 35 fair value estimate as our forecasts largely factored in a mild recovery in P&amp;C business profitability. Given significant uncertainties during the business transformation and a changing economic environment, we reaffirm our no-moat and stable moat trend ratings.Anlayst: Iris Tan, CFA

CPIC's Strong Growth in Life Insurance Continued into January