Ping An 2318

[winston]

not vested

New business plunges for Ping An Insurance

by Themis Qi

Ping An Insurance (2318) reported its net profit decreased 29 percent to 101.6 billion yuan (HK$125.09 billion) in 2021 and declared a final dividend of 1.5 yuan per share.

China's biggest insurer said its total revenue also dropped 2.27 percent to 1.29 trillion yuan.

The full-year dividend rose 8.2 percent year-on-year to 2.38 yuan per share.

The number of personal customers grew 4 percent to 227 million yuan while the internet users increased 8 percent yearly to 647 million yuan.

Its life and health insurance business slumped 37.2 percent to 60.30 billion yuan in 2021.

New business value declined 23.6 percent year-on-year to 37.90 billion yuan, mainly due to the rising proportion of saving products and the falling number of agents. Ping An's solvency ratio fell 3 percentage points to 233.5 percent last year.

The banking business saw a 25.6 percent jump in net profit to 36.34 billion yuan last year, with the net profit from retail banks rising 17.3 percent to 21.50 billion yuan.

In terms of asset management, the net profit of trust business shrank nearly 10 times within one year to 229 million yuan in 2021, while the security business's net profit grew 23.4 percent to 3.83 billion yuan

The total revenue from its technology subsidiaries grew 9.8 percent year-on-year to 99.27 billion yuan in 2021, the biggest contribution coming from the financial services platform Lufax with revenue of 61.84 million yuan.

Source: The Standard

https://www.thestandard.com.hk/section- ... -Insurance

[winston]

not vested

Chinese insurer Ping An to continue investing in real estate after having learned its lesson with US$6.8 billion China Fortune Land debacle, co-CEO says

Ping An will be more cautious in future investments, co-CEO Jessica Tan says

China’s largest insurer by market capitalisation reports a worse-than-expected 29 per cent decline in net profit for 2021

Source: SCMP

https://www.scmp.com/business/china-bus ... 4b4340d586

[winston]

not vested

Ping An Insurance (2318 HK / 601318 CH) - Closing another challenging year

Ping An is China’s second largest life and property & casualty (p&c) insurer, with an integrated financials services platform.

Life insurance, p&c insurance and banking segments contributed 64.8%, 10.9% and 14.2% respectively to its 2021 operating profits after tax.

Driven by its strong agency focus, diversified business model and proprietary technology to improve the customer experience and facilitate cross-sales efforts, Ping An should continue to deliver organic growth in life/health insurance and internet finance, benefiting from the rising protection and wealth management needs of China’s rising middle class.

The company is in the later stage of a three year life reform exercise focusing on improving quality of its agent productivity and better integration of its product offering, which should complete by next year.

Following the transition period for the company, we expect continued distribution cost discipline and life product mix improvements over the medium term.

To improve retention rates, the company has moved its recruitment model from mass hiring to an artificial intelligence (AI) based electronic process.

Potential further value at a later stage may be unlocked by separate listing of its Fintech and Securities businesses. BUY.

Source: OCBC

[winston]

vested

Ping An Insurance Group (2318 HK)
2021: Net Profit In Line; 2021: Challenging Environment Ahead

Ping An’s 2021 net profit and NBV decreased 23.6% yoy, in line with our expectations.

The group’s performance was hampered by impairments on CFLD and a reduction in
NBV.

The resurgence of COVID-19 in mainland China has caused a lockdown in various
cities, which is expected to delay insurance recovery and the growth of NBV margins.

Downgrade to HOLD with target price reduced to HK$65.60.

Source: UOBKH

https://research.uobkayhian.com/content ... 8e73a5dc0b

[winston]

Who says history does not repeat itself?

4Q21’s NBV fell c.60% yoy for the second straight year (Fig 1), due again to actuarial assumption changes. Underlying NBV trends improved (Fig 2).

4Q21 agent numbers tumbled 41% yoy and 15% qoq to 600,343 (3Q21: -33% yoy, -20% qoq) and are 58% lower than 3Q18’s peak (Fig 4).

Banking remained strong, with net profit up 26% yoy.

Reiterate Add rating but cut TP by 11% to HK$72 on lower FY22F-23F EPS
and NBV.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... A136394F11

[winston]

not vested

Ping An Insurance (2318 HK/601318 CH): Improvement in agent productivity a positive note [BUY, TP HK$90.00/BUY, TP RMB77.68]

FY21 net profit and VNB both fall short of estimate, but dividend payout of Rmb2.38/share a positive surprise

Life business 3-year reform approaching final year. Expect agent productivity to further improve and headcount to gradually stabilise after a 41% y-o-y decline in FY21

VNB margin impacted by 750-day yield curve and product mix, but negative effect to alleviate in 2H22F

Revise down FY22/23F earnings by 9%-11% and lower VNB assumption to -10%/+7% y-o-y. Lower TP to HK$90 to also reflect lower fintech value. Maintain BUY

Source: DBS

[winston]

not vested

PING AN 1Q22 Premium Income Up 1% YoY to Nearly RMB246.48B

2022/04/13

PING AN (02318.HK) announced that the accumulated gross premium incomes of the four subsidiaries of the Company for the period from January 1, 2022 to March 31, 2022 amounted to RMB246.477 billion, a YoY growth of about 1.1%.

Source: AAStocks Financial News

[winston]

not vested

PING AN 1Q NP Dives 24.1% YoY to RMB20.658B

PING AN (02318.HK) announced the results for the first quarter ended 31 March 2022.

The revenue of the period slipped 8.9% YoY to RMB334.215 billion.

The net profit was RMB20.658 billion, a YoY reduction of 24.1%. EPS was RMB1.18.

Source: AAStocks Financial News

[winston]

not vested

Life showing signs of stabilising

1Q22 life NBV fell 25% yoy vs. 4Q21’s -24% yoy, once both are adjusted for actuarial assumption changes. This is noteworthy given 1Q21’s high base.

Banking again was the star performer with 27% yoy net profit growth.

P&C struggle with credit guarantee insurance looks set to continue in 2Q22F.

Reiterate Add rating; TP unchanged at HK$72.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 64336BCE86

[winston]

not vested

Ping An Insurance (2318 HK / 601318 CH) - 1Q22 OPAT gains 10% YoY

Ping An is China’s second largest life and property & casualty (P&C) insurer, with an integrated financials services platform.

Life insurance, P&C insurance and banking segments contributed 64.8%, 10.9% and 14.2% respectively to its 2021 operating profits after tax.

Driven by its strong agency focus, diversified business model and proprietary technology to improve the customer experience and facilitate cross-sales efforts, Ping An should continue to deliver organic growth in life/health insurance and internet finance, benefiting from the rising protection and wealth management needs of China’s rising middle class.

The company is in the later stage of a three year life reform exercise focusing on improving quality of its agent productivity and better integration of its product offering, which should complete by next year.

Following the transition period for the company, we expect continued distribution cost discipline and life product mix improvements over the medium term.

To improve retention rates, the company has moved its recruitment model from mass hiring to an artificial intelligence (AI) based electronic process.

Potential further value at a later stage may be unlocked by separate listing of its Fintech and Securities businesses. BUY.

Source: Phillips