Ping An Insurance (Group) Co. of China Ltd Class A

601318: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ping An Insurance Earnings: Life OPAT Disappoints Investors Due to Unfavorable Assumption Change

Iris Tan

Mar 21, 2025

We retain our fair value estimate for Ping An Insurance at CNY 58 per A share and HKD 63 per H share after the insurer reported in-line 2024 net profit growth of 48%. Group operating profit after tax, or OPAT, rose 9%, surpassing our 5% forecast. However, life insurance OPAT declined by 2% due to unfavorable assumption changes to reflect falling interest rates. The stock remains undervalued, trading at 0.6 times 2025 price to embedded value, or EV.

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Ping An Insurance (Group) Co. of China Ltd Class A

Ping An Insurance Earnings: Life OPAT Disappoints Investors Due to Unfavorable Assumption Change

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