Minsheng Securities: Maintains Sunlight Insurance (06963.HK) "Buy" Rating Life insurance liability is overall stable and investment performance is outstanding.

According to the Zhitong Finance APP, Minsheng Securities released a research report stating that it maintains a "recommended" rating for Sunlight Insurance (06963.HK). It is expected that the company's total operating income for 2025E-2027E will be 95.9 billion, 100.7 billion, and 105.4 billion yuan respectively, with a net profit attributable to the parent company of 7.1 billion, 8 billion, and 8.7 billion yuan respectively, and EPS of 0.61, 0.70, and 0.76 yuan respectively. The company's life insurance business is growing steadily, looking ahead to deal with the downward trend in interest rates, strengthening asset-liability linkage, and continuing to improve value creation capabilities; the property insurance sector adheres to the development concept of "seeking progress in stability", and the business is expected to maintain rapid growth, with comprehensive cost ratio and underwriting profitability expected to continuously improve.