Ping An 2318

[winston]

not vested

Broker│Opinion

JPMorgan│Strong VONB growth and stable OPAT to boost share price in near term

Huatai Securities│Life insurance recovery continues to gain momentum

UBS│Quarterly OPAT decline narrows as expected, VONB benefits from higher VONB rate

Goldman Sachs│Profit and VONB beat

Nomura│Earnings beat across all business units

Citi│Quarterly VONB beats

UOB Kay Hian│Quarterly OPAT decline but in line, VONB growth beats

CICC│Quarterly net profit beats

Morgan Stanley│Life insurance and asset management could be highlights

BofAS│1Q net profit and VONB beat

Jefferies│Quarterly results positive, more improvement needed to get share price back on track

Related NewsM Stanley: CN Life Insurers Post Positive Growth in Premium in Mar

Source: AAStocks Financial News

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

[winston]

Ping An Insurance Group (2318 HK)
1Q24: Spring Is Around The Corner

Ping An’s results are broadly in line.

The declines in OPAT and net profit were mainly due to weak equity market returns and higher CoR in the P&C segment.

VNB growth grew 21% yoy, beating our expectations, led by margin improvement.

Net investment yield dropped to 3.0% and its insurance fund exposure to property was largely
manageable.

Looking ahead, we continue to expect a mid to high single-digit NBV growth and 20% OPAT growth in 2024.

Maintain BUY. Target price: HK$52.00.

Source: UOBKH

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