Ping An 2318

[winston]

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OneConnect Financial Technology, which is backed by China's biggest insurer Ping An, said it will list in Hong Kong on July 4 by way of introduction which does not involve selling new shares or raising new funds.

Established in 2017, OneConnect has been listed in the US since 2019. The firm provides fintech services to commercial banks, financial institutions and government agencies in terms of digital transformation.

According to China Insights Consultancy, OneConnect ranked second among listed Chinese technology services providers in terms of revenue from financial software and services in 2020.

OneConnect also operates a virtual bank - Ping An OneConnect Bank - in Hong Kong, whose revenue reached 34 million yuan in 2021.

Source: The Standard

[winston]

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Ping An Insurance
Key takeaways from Malaysia roadshow

Ping An continues to focus on a diversified mix of products and distribution
channels, given its integrated financial services plus healthcare strategy.

The establishment of a community grid team to manage ‘orphan’ policies has
helped stabilise its life insurance persistency ratios.

Covid-19 outbreaks led to an increase in the combined ratio of its credit
guarantee insurance in 1Q22, and we think this likely continued in 2Q22F.

Reiterate Add rating with an unchanged TP of HK$72.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 479804222A

[winston]

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PING AN 7M22 P&C Premium Up 10.9% YoY, Life's Down 2.5%

PING AN (02318.HK) announced that the accumulated gross premium income of Ping An Property & Casualty Insurance for the period from January 1, 2022 to July 31, 2022 increased 10.9% yearly to RMB170.81 billion; and that of Ping An Life Insurance sank 2.5% yearly to RMB293.96 billion.

Source: AAStocks Financial News

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Ping An's earnings rise but new deals fall

New business value fell 28 percent. Bloomberg

Ping An Insurance (2318) said its interim net profit increased by 3.9 percent year-on-year to 60.27 billion yuan (HK$69.08 billion), as retail customers and contracts increased steadily.

The company achieved an annualized operating return on equity of 20.4 percent in the first six months of 2022, with operating net profit rising 4.3 percent year-on-year to 85.34 billion yuan.

However, the sales value of new life and health insurance policies dropped 28.5 percent year-on-year to 19.57 billion yuan in the first half of 2022.

The number of retail customers expanded by 1.5 percent to 225 million, and the number of contracts per customer grew by 1.4 percent to 2.95.

On the other hand, the premium income rose 10.1 percent year-on-year to 146.79 billion yuan and the combined ratio was 97.3 percent in the first half.

The insurer's green investment and financing business totaled 249.36 billion yuan and green banking business 161.74 billion yuan by June 30. Premium income of environmentally sustainable insurance products totaled 76.97 billion yuan in the first half of 2022.

Meanwhile, its subsidiary Ping An Bank said its net profit rose 25.6 percent year-on-year to 22.09 billion yuan in the first half.

The company said an interim dividend of 92 fen per share in cash will be distributed to shareholders, up 4.1 percent year-on-year.

Ping An said it would still go far in reform and innovation, as substantial uncertainties will remain because of the pandemic as well as the domestic and overseas environment in the second half of 2022.

Source: The Standard

https://www.thestandard.com.hk/section- ... deals-fall

[winston]

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PING AN: NBV Downfall Narrowing

PING AN (02318.HK) Co-CEO Jessica Tan elaborated the reasons behind the declining NBV of the group in 1H22. These included:-
1) the adjustment on actuarial additions by the group last year end, mainly due to product structure overhaul and GPM decline yet with in-line market and customer demand; and
2) reduction in the agent headcounts.

Tan attributed the narrowing QoQ downfall of NBV in 2Q22 to positive growth in the quarter at the operation department after 12-18 months of life insurance reform.

Looking ahead, PING AN will complete the life insurance reform as planned.

Related News: PING AN 1H NP Burgeons 3.9% to RMB60.27B; Interim DPS Grows to RMB92 Fen

As to whether PING AN will continue to seek Asian arm ring-fence from HSBC HOLDINGS (00005.HK), Deng Bin, Chief Investment Officer of PING AN, said that the insurer, as one of the shareholders of HSBC, remains open and supportive towards any proposals that can improve the performance and efficiency of the bank.

Source: AAStocks Financial News

[winston]

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Ping An Insurance Group (2318 HK)
1H22: Below Expectations; Better Recovery Ahead

1H22 results missed our expectations, mainly reflecting lacklustre gross investment
yields, lower FYP and declining NBV margins.

We trim our 2022-23 earnings as we reduce our NBV forecasts.

Key re-rating catalysts include improving NBV margin and potential earnings uplift from the group’s life reform initiatives.

Upgrade to BUY with a lower target price of HK$59.07, as Ping An’s undemanding valuations following the steep retracement offer reasonable upside.

Source: UOBKH

https://research.uobkayhian.com/content ... 2e269a3fca

[winston]

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Ping An Insurance (2318 HK / 601318 CH) - 1H22 slightly ahead

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 late 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 end of this 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]

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Ping An net falls 6pc to 76.4b yuan

by Arita Peng

Ping An Insurance (2318) recorded a 6.3 percent drop in net profit in the first three quarters of 2022, with its life and health insurance business slumping 26.6 percent over the same period.

Net profit fell to 76.46 billion yuan (HK$83.66 billion) from 81.64 billion yuan in the last year.

Meanwhile, its life and health business fell to 25.85 billion yuan from 35.24 billion yuan last year, due to internal and external challenges driven by sporadic Covid outbreaks and complex changing economic situations, the insurer said.

Source: The Standard

https://www.thestandard.com.hk/section- ... 76.4b-yuan

[winston]

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Ping An profit falls on weak sales and market turmoil

Profit dropped 6.3 per cent in the first nine months as a slump in the stock market hurt investment returns and an economic slowdown hampered sales.

Source: Bloomberg

https://www.businesstimes.com.sg/bankin ... et-turmoil

[winston]

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China’s Ping An Insurance posts 17.6% drop in 2022 profit

Reported a 17.6 per cent drop in its 2022 annual net profit due to a slump in investment gains,
to 83.8 billion yuan (S$16.4 billion) for the year ended Dec 31 was down from 101.6 billion yuan in 2021,

Total investment income fell 29.3 per cent year on year to 101.8 billion yuan last year.

The group’s gross written premiums rose 1.5 per cent to 769.6 billion yuan from the year before, while the number of retail customers rose 2.1 per cent from the end of 2021 to 226.6 million.

Ping An Bank posted 25.3 per cent growth in annual net profit, with a non-performing loan ratio of 1.05 per cent at the end of last year, rising 3 basis points from the end of 2021.

Source: REUTERS

https://www.businesstimes.com.sg/compan ... 022-profit