Ping An Insurance (Group) Co. of China Ltd Class A
601318: XSHG (CHN)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| CNY 67.00 | Tsks | Jxkkxwr |
Ping An Insurance Earnings: Reducing Our Fair Value Estimate on Larger-Than-Expected OPAT Decline
We reduce our fair value estimates for Ping An Insurance, to CNY 60 per A-share (HKD 65 per H-share) from CNY 65 per A-share (HKD 71 per H-share), following its mixed 2023 results. The life insurance business continued a solid recovery in agent productivity and robust bancassurance growth, with new business value, or NBV if excluding the impact of actuarial assumption changes, growing at 36% year on year, beating our expectation for 25% growth.