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

601318: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥42.00	Bgr	Cqfprrznt

China Insurance Earnings: Investment Headwinds Continue, but NBV Growth in Line; Prefer Ping An

Iris Tan

Oct 30, 2023

We maintain our fair value estimates for Ping An Insurance, China Pacific Insurance, or CPIC, and New China Life Insurance, or NCI, at CNY 65 per A-share (HKD 71 per H-share), CNY 26 per A-share (HKD 30 per H-share) and CNY 23 per A-share (HKD 26 per H-share), respectively. Following in-line third-quarter results, we leave our 2023 new business value, or NBV, projections unchanged for these three insurers.

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