Ping An Insurance (Group) Co. of China Ltd Class A
601318: XSHG (CHN)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| CNY 16.00 | Sqk | Dcpqyrrhg |
China Insurance Earnings: Investment Headwinds Continue, but NBV Growth in Line; Prefer Ping An
We maintain our fair value estimates for Ping An Insurance, China Pacific Insurance, or CPIC, and New China Life Insurance, or NCI, at CNY 65 per A-share (HKD 71 per H-share), CNY 26 per A-share (HKD 30 per H-share) and CNY 23 per A-share (HKD 26 per H-share), respectively. Following in-line third-quarter results, we leave our 2023 new business value, or NBV, projections unchanged for these three insurers.