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<Research> Citi: PING AN (02318.HK) 1Q Results Solid Overall, Rating Buy
Recommend 35 Positive 59 Negative 38 |
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Citi published a research report noting that PING AN (02318.HK) delivered solid overall results for 1Q. New business value rose 21% YoY to RMB15.6 billion, outperforming peer CPIC Lifes 10% growth, mainly driven by a 46% YoY increase in first-year premiums. However, affected by assumption changes and a product mix shift toward participating products, the new business value margin declined 4.8 ppts YoY to 23.5%. The Groups operating profit grew steadily by 8% YoY to RMB40.8 billion, primarily supported by asset management, life insurance and banking businesses, while property and casualty insurance and the technology segment weighed on performance. During the period, net profit fell 7% YoY to RMB25 billion, mainly due to short-term investment volatility, although management indicated that investment performance had rebounded in April. Citi maintained a Buy rating on PING AN, with a TP of HKD82 for its H shares. (ec/da) Auto-translated by AI This article was automatically translated by AI, the original language 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. More Details
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