BEIJING, Jan. 18 (Xinhua) -- Foreign institutional investors rushed to purchase stocks of A-share market listed insurance companies which rallied notably in the past ten trading days of this year, reported Securities Daily on Monday.
Statistics with Choice, a financial data terminal product in China, showed that Ping An Insurance (Group) Company of China, Ltd. (601318.SH), one of the country's insurance giants, saw foreign investors buy 24.649 million of its A-share stocks valued 2.14 billion yuan by January 15 in this year.
Foreign institutional buyers also purchased 10.994 million shares of China Pacific Insurance (Group) Co., Ltd. (601601.SH), rising seven percent from the beginning of 2021, and their stockholdings in the People's Insurance Company (Group) of China Limited (601319.SH) and New China Life Insurance Company Ltd. (601336.SH) both increased more than one percent since the year start.
Securities brokers believed that shares of listed insurers, which stayed sluggish in 2020, contain multiple investment opportunities at present, attributing their bright prospects to the resilient rally of insurance shares in the past days of January given the likely improvement of insurer business performance from last year, the improving investment return of listed insurance companies based on the uprising interest rates and the currently low valuation of insurance stocks.
The report citing the head of the asset management department of Aixin Life Insurance Co., Ltd. noted that impacts from the COVID-19 epidemic will subside and pass away and new business growth of insurers is expected to return to the original potential growth curve, which highlights the investment value of insurance companies. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
A single purchase
