Morningstar

Ping An Insurance (Group) Co. of China Ltd Class H 02318

Morningstar Rating
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Stock XHKG Rating as of
HK$53.25 −3.35 (5.92%)
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As of Delayed Price Open

Company Report

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Ping An Insurance: We Expect Resilient New Business Growth for Ping An in 2024

Iris Tan

In China's highly competitive insurance market, Ping An differentiates itself with its ability to use proprietary technology to strengthen the customer experience and enhance cross-sales for its major ecosystems: integrated finance, auto, healthcare, and eldercare. We believe its competitive advantage results in a better outlook than peers in terms of underwriting profitability and growth.

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Price vs Fair Value

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02318 is trading at a 18% premium.
Price
HK$56.60
Fair Value
HK$19.00
Uncertainty
High
1-Star Price
HK$31.74
5-Star Price
HK$31.80
Economic Moat
Yrrx
Capital Allocation
Rgjjxpbcs

Bulls Say, Bears Say

Bulls

The regulatory cut to bancassurance commission rate has benefited large insurers such as Ping An, with about 75% of bancassurance sales being generated from its banking subsidiary and a strong product pipeline.

Bears

Frequent top management turnover posts more temporary headwinds to its ongoing business restructuring.

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News

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Trading Information

Previous Close Price
HK$56.60
Day Range
HK$51.85–57.50
52-Week Range
HK$29.55–57.65
Bid/Ask
HK$53.20 / HK$53.25
Market Cap
HK$967.87 Bil
Volume/Avg
87.7 Mil / 57.4 Mil

Key Statistics

Price/Earnings (Normalized)
10.36
Price/Sales
1.16
Dividend Yield (Trailing)
4.71%
Dividend Yield (Forward)
4.71%
Total Yield
4.71%

Company Profile

Founded in 1988, Ping An Insurance is an integrated financial service provider headquartered in Shenzhen. The company has a focus on the offerings of healthcare services and integrated financial products. Ping An is China's second-largest life and P&C insurer. The company strives for an integrated financial services platform comprising life insurance, P&C insurance, banking, other financial services, and technology. These business segments contributed 89%, 8%, 23%, -18%, and 2% of the company’s operating profits, respectively, in 2023.
Sector
Financial Services
Industry
Insurance - Life
Stock Style Box
Large Value
Total Number of Employees
288,751
Website
https://www.pingan.cn

Competitors

Valuation

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Metric
02318
601628
01299
Price/Earnings (Normalized)
 10.3652.4621.06
Price/Book Value
 1.032.522.58
Price/Sales
 1.162.435.61
Price/Cash Flow
 1.873.02—
Price/Earnings
02318
601628
01299

Financial Strength

Metric
02318
601628
01299
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 1.02—12.10
Quick Ratio
No chart available

Profitability

Metric
02318
601628
01299
Return on Assets (Normalized)
 0.98%0.95%2.23%
Return on Equity (Normalized)
 12.58%12.06%15.38%
Return on Invested Capital (Normalized)
 7.94%5.76%12.10%
Return on Assets
02318
601628
01299

Insurance - Life Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
China Life Insurance Co Ltd Class H
CILJF
—Ysg$146.7 Bil
 Ping An Insurance (Group) Co. of China Ltd ADR
PNGAY
—Pmtg$141.6 Bil
 Ping An Insurance (Group) Co. of China Ltd Class H
PIAIF
QsmrwkkDsfkj$141.6 Bil
 AIA Group Ltd ADR
AAGIY
—Krnpg$101.2 Bil
 AIA Group Ltd
AAIGF
—Yvr$101.2 Bil
 Aflac Inc
AFL
CjqgkgxpGzzzw$64.0 Bil
 MetLife Inc
MET
LnstvmsrkNbxt$57.3 Bil
 Manulife Financial Corp
MFC
QvsqnctgRqv$52.5 Bil
 Prudential Financial Inc
PRU
PbhpsvjcQcml$42.5 Bil
 Prudential PLC ADR
PUK
HvjrclksrfKymk$25.7 Bil

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