Ping An Insurance hit new high since Jul 2021, market cap back above 1 trillion yuan mark

 

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China Ping An Insurance continue rallying on Friday, with its A-shares rising by as much as 2.42% to hit 55 yuan at one point, hitting a new high since July 2021, and its H-shares rose 3.54% to hit HK$61.35. The insurer’s market value gets back above one trillion yuan mark.

Ping An Insurance had reported better-than-expected Q1 results, with net profit attributable to shareholders reaching 38.35 billion yuan, surging 48.9% from a year earlier, and an annualized ROE of 18.8%. The new business value of life insurance and health insurance in the first quarter increased by 8.8% year-on-year, and both agent and bancassurance channels increased significantly year-on-year. 

Analysts mostly believe that Ping An’s Q1 results exceeded expectations. Credit Suisse raised its target price for Ping An’s H-shares to HK$71, with an outperform rating; Daiwa Securities raised the target price for Ping An’s H-shares to HK$70.45, with a Buy rating. 

Essense Securities said that Ping An’s NBV growth was impressive, and the resonance between assets and liabilities was improving, giving the insurer’s A-share a target price of 60 yuan within the next six months.