< The 2014 All-China Research TeamBin (Ben) LinMorgan StanleyFirst-place appearances: 0
Total appearances: 4
Analyst debut: 2011For a second consecutive year, Bin (Ben) Lin earns second-place honors on this lineup, and clients readily explain their enthusiasm for the Morgan Stanley analyst. As one backer reports, “Ben provides timely analysis on the key drivers of the various insurance companies, and his contacts within the industry [deliver] valuable insights.” Lin believes that China’s insurance companies will “benefit from the structural drivers of continued economic growth, an aging population and a low social retirement–health care safety net across the region.” The researcher’s top picks in the space are Hong Kong–based diversified financial services provider AIA Group and Shanghai’s China Pacific Insurance (Group) Co., which is an integrated life and property company. AIA is appealing thanks to its “pure pan-Asia life exposure, attractive growth profile, solid balance sheet and high-quality management team,” he explains. At the same time, Lin, who works out of Hong Kong, favors China Pacific for its pure insurance exposure and the strong execution in its life business. Although the provider’s property/casualty segment has been weak, with underwriting profitability that has deteriorated significantly over the past two years, he is confident that management will work to improve results in that line.