Ping An Insurance Delivered Stronger than Expected Growth in EV and Underwriting Profit Improvement
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, gro...Ping An Insurance Group Company of China is an insurance company. Co. is engaged in the provision of financial products and services on insurance, banking and investment businesses. Co.'s business activities include investing in financial and insurance enterprises, supervising and managing various domestic and overseas businesses of subsidiaries, and investment deployment. Through its subsidiaries, Co. is also engaged in securities investment and brokerage activities; asset management; futures brokerage activities; property investment, management and leasing; operation of pharmacy; wholesale of medical equipment; and information technology services.
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