Ping An Insurance (Group) Co. of China Ltd Class A
601318: XSHG (CHN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
¥58.00 | Svss | Qdkwsmbn |
Ping An Earnings: Chinese Insurer Beats Expectations for New Business Value
Ping An Insurance reported first-quarter total revenue and net profit rose 31% and 49% year on year, respectively, as it adopted IFRS 17. Its H shares surged 9% on April 27 following the results, boosted by optimism for the outlooks after new business value, or NBV, grew 8.8% year on year, the first positive growth in NBV since 2020. If we exclude the impact of changes in actuarial assumptions, adjusted NBV growth would have been 21% year on year, stronger still.