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CMBI: PING AN (02318.HK) 1Q26 OPAT Slightly Beats; TP HKD86 Reiterate Buy
Recommend 15 Positive 17 Negative 7 |
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CMBI released a research report stating that PING AN (02318.HK) recorded 1Q26 operating profit (OPAT) of RMB40.8 billion, up 7.6% YoY, slightly above the brokers estimate of RMB39.2 billion. The outperformance was mainly attributable to steady growth in operating profit from the life and health insurance segment, a return to positive earnings growth at Ping An Bank, and a significant improvement in asset management segment earnings. Net profit attributable to shareholders declined 7.4% YoY to RMB25 billion due to equity market volatility, but was slightly better than expected. As of the end of 1Q26, the Groups net assets increased 1.8% from the beginning of the year to RMB1.02 trillion, in line with expectations. During the period, life insurance new business value (NBV) rose 20.8% YoY to RMB15.6 billion, mainly driven by a 45.5% YoY increase in new business premiums, partly offset by a 4.8 ppts YoY decline in new business value margin (NBVM). Property and casualty insurance underwriting performance exceeded expectations, but weaker investment performance weighed on earnings growth. The combined ratio (COR) of the P&C segment fell 0.8 ppts YoY to 95.8%. Original insurance premium income grew 6.8% YoY, of which auto insurance premiums edged down 0.6% YoY to RMB53.4 billion, while non-auto insurance premiums increased 19.5% YoY to RMB37.5 billion, driven by health insurance. CMBI maintained the stock as its top pick in the Chinese insurers sector. The broker set a TP of HKD86 for PING AN H shares and a TP of RMB75 for PING AN OF CHINA (601318.SH) A shares, reiterating a Buy rating. (ss/w) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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