Ping An Insurance Shares Rise After First-Quarter Result
By Yi Wei Wong
Ping An Insurance (Group) Co. of China Ltd. shares rose Thursday after the insurer reported a sharp increase in first-quarter profit.
The Chinese insurer's shares gained as much as 6.8% to 55.05 Hong Kong dollars (US$7.01) and were last 6.3% higher at HK$54.80.
Ping An said Wednesday after market close that first-quarter net profit jumped 49% to 38.35 billion yuan (US$5.54 billion).
This set of results was "moderately positive," said Citi analysts Michelle Ma and Amy Chen in a note.
The Citi analysts said Ping An's 9.0% increase in new business value due to the strength of its bancassurance business segment broadly beat their estimate of a 2.0% increase.
However, Ping An's operating profit slipped 3.4% from a year earlier, which Citi viewed as negative.
Citi has a buy rating and target price of HK$72.00 on the stock.
Write to Yi Wei Wong at yiwei.wong@wsj.com
(END) Dow Jones Newswires
April 26, 2023 22:47 ET (02:47 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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