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