Ping An 2318

[winston]

not vested

<News Alert> Ping An (2318 HK, BUY) 1H25 results mixed; VNB growth in line, OPAT slightly missed

1H25 OPAT rose 3.7% y/y to Rmb77.7bn, 2% below expectations, mainly due to weaker investment performance in the P&C and slower contractual service margin (CSM) amortization (-4.7% y/y) in the life segment.

Value of new business (VNB) grew 39.8% y/y to Rmb22.3bn, largely in line, driven by strong bancassurance channel contribution;

VNB margin up 9ppt to 30.5%

Bancassurance first year premium (FYP)+75% y/y, highlighting Ping An’s diversification beyond Ping An Bank (PAB, 000001 CH, BUY)

Maintain BUY with HKD69 TP, supported by robust VNB outlook and attractive >5% dividend yield

Source: DBS

https://www.dbs.com/insightsdirect/comp ... ecid=27623

[winston]

not vested

<Hindsight>Latest Ratings, TPs, Views on PING AN (02318.HK) Post Results (Table)

Broker | Investment Rating | Target Price
JPMorgan| Overweight | $80
UBS | Buy | $66 -> $70
Morgan Stanley | Overweight | $69
Citigroup | Buy | $68
BofA Securities | Buy |$62.4 -> $64.9
Goldman Sachs | Buy | $58


Broker | Viewpoint

JPMorgan| Interim results broadly in line, with an increase in the interim dividend as the main positive factor

UBS | Quarterly results broadly improved in line

Morgan Stanley | Healthy life insurance performance, improved wealth profit, and AI-assisted cost control

Citigroup | Solid interim results in line, with significant improvement in NBV, combined ratio, and net profit in 2Q

BofA Securities | Results in line

Goldman Sachs | OPAT and NBV in line, with strong P&C insurance underwriting performance

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

Ping An Insurance Group (2318 HK)

1H25: OPAT And NBV Growth Within Expectations

Ping An’s OPAT grew 3.7% yoy in 1H25, broadly in line with our expectations, mainly driven by a strong CoR performance in the P&C segment and recovery of the asset management business after de-risking, partly offset by the sluggish earnings performance in PAB.

NBV growth accelerated to 40% yoy, thanks to a recovery in FYP growth in 2Q25 and continued margin expansion.

Management remains optimistic about OPAT and NBV momentum continuing into 2H25.

Maintain BUY. Target price: HK$69.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

<Research>UBS Envisions PING AN to Have Achieved Robust Operating Profit Growth Last Yr with Easing Impairment Pressure

PING AN (02318.HK) is poised to announce its 2025 results after the market closes on March 26, according to a UBS research report.

On a comparable basis, UBS expects PING AN's attributable operating profit to have grown by 9% YoY, indicating a 23% YoY increase in 4Q25.

The broker has attributed the accelerated growth in 4Q25 to reduced impairment losses in asset management and stronger growth in property insurance underwriting profits.

UBS has tweaked its model for PING AN but kept its forecast for the net profit attributable to shareholders largely unchanged. PING AN's target price remains at HKD88 with a Buy rating.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

Dates that make a difference

China banks’ 2025 interim ex-dividend dates falling in Dec 25 (vs. 2024’s ex-dates in Jan 25; Fig 1) could cause a 4% upswing in Ping An’s FY25F OPAT, in our view.

Ping An’s rising bank investments lead to its OPAT being increasingly driven by China bank dividend income.

Tailwinds to FY25F OPAT also include reduced FY25F Asset Management losses, and a benign FY25F catastrophe environment for its P&C insurance unit.

Ping An’s recent share price has been adversely impacted by Southbound (SB) flows, with Mar SB buy flows more than 4 s.d. below mean (Fig 10).

Reiterate Add rating. TP cut to HK$82 as we factor in a large convertible mark-to-market loss in FY25F and reduce FY26F-27F EPS estimates.

Source: CGS

https://rfs.cgsi.com/api/download?file= ... 7951636C29

[winston]

not vested

China's Ping An Insurance posts 6.45pc profit rise on life insurance growth

China's Ping An Insurance (2318) reported a 6.45 percent year-on-year rise in net profit in 2025, driven by growth in new business value margin and equity investment ​gains.

The insurance company posted 134.78 ​billion yuan (HK$152.79 billion) in net profit last year, below a ⁠median estimate of 136.774 billion yuan, according to LSEG data.

Operating profit ​rose 10.3 percent in 2025.

New business value (NBV) in its life and health insurance ​segment, which measures the profitability of new policies sold, grew 29.3 percent year-on-year to 36.897 billion yuan.

The insurer's NBV growth reflects a broader industry shift toward higher-margin protection products after ​years of declining agent productivity and weak consumer demand.

The number of retail customers rose 3.5 percent to 250.97 million by end-December from a year earlier, the filing showed.

Ping An's insurance funds investment portfolio grew 13.2 percent to 6.49 trillion yuan as of ​December from the beginning ​of 2025, the ⁠filing showed.

The insurer's investment performance benefited from a rally in Chinese equities as authorities strengthened support for capital ​markets, including measures introduced in early 2025 aimed at channelling ​hundreds of ⁠billions of yuan from major insurers into stocks.

Banking unit Ping An Bank, last week reported ​its net profit in 2025 fell 4.2 percent year-on-year as pressure on interest margin persists.

Source: Reuters

https://www.thestandard.com.hk/finance/article/327821/

[winston]

not vested

FY25 net profit in line with EV landed ahead

FY25 net profit landed at Rmb134.8bn, +6.5% y/y and in line with expectation

VNB grew +29.3% y/y and largely in line, as 4Q25 growth moderate.

Life’s EV reported +11.2% y/y and ahead

Improvement seen from asset management business with net loss noticeably narrowed

Maintain BUY with unchanged TP of HKD85

Source: DBS

https://www.dbs.com/insightsdirect/comp ... ecid=30258