UBS: PICC P&C 1Q26 Underwriting Solid but Offset by Weak Investment Performance
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UBS's report on PICC P&Cindicates solid underwriting performance in 1Q26, but weak investment results led to a 24% YoY drop in net profit after tax to RMB8.6 billion. The combined ratio improved to 94.2%, meeting expectations. UBS maintains a Buy rating with a target price of HKD20.
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