Morgan Stanley updated its risk-reward model for PICC P&C, noting that the company's 2025 results met expectations. However, the non-auto insurance combined ratio exceeded 100%, and the investment performance in Q4 2025 was slightly disappointing. As a result, Morgan Stanley lowered its target price by 1% but maintained an Overweight rating, anticipating that the new management may focus more on improving the combined ratio and shareholder returns.
