Morningstar

Morningstar, Inc.

Equity Bottom-Up

In China's highly competitive insurance market, Ping An stands out for its ability to use proprietary technology to strengthen the customer experience and enhance cross-sales for its four major ecosystems: financial, health, auto, and real estate. We believe its competitive advantage make the company stand out among peers, leading to an better outlook than peers in terms of underwriting profitability and growth.Ping An differentiates itself with its technological focus and conglomerate business…

No-moat Ping An Insurance’s first-quarter results reported net profit growth surging 77% from the year-ago period. Though such growth exceeded our expectation, it was primarily attributable to the doubling of total investment return on a sharp increase in fair value gains from Ping An’s equity investments after its adoption of IFRS9. The strong stock market rally has translated to a CNY 34.2 billion fair value gain which represented nearly half of its total investment return in the first…

Ping An Insurance's banking subsidiary, Ping An Bank, released first-quarter results April 24, highlighting an accelerating year-on-year growth in revenue and net profits of 16% and 13%, respectively, versus the 10% and 7% growth in 2018. The results are roughly in line to deliver our 11% net profit growth forecast for the full year. Importantly, growth in pre-provision operating profit continued to trend up to 17% from 10% in 2018. We expect the bank’s growth momentum for the second quarter…

<p>We increased our fair value estimate for no-moat Ping An Insurance to CNY 88 from CNY 80 and HKD 103 from HKD 92 per share for A-shares and H-shares, respectively, following its stronger-than-expected results despite the challenges in both capital market and insurance sales in 2018. The increase was attributable to our improved outlooks for its underwriting profitability of insurance business and time value of money. The firm exceeded our expectations in net profit and embedded value, or EV…</p>

China

Ping An Insurance (Group) Company of China Limited provides a variety of insurance service in China.  The Company writes property, casualty, and life insurance.  Ping An Insurance also offers financial services.

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