Financial Performance - In the first half of 2024, the group achieved an operating profit attributable to shareholders of RMB 78.482 billion, with an annualized operating ROE of 16.4%[4] - The bank's net profit for the first half of 2024 was RMB 25.879 billion, reflecting a year-on-year growth of 1.9%[4] - Net profit attributable to shareholders reached RMB 74.619 billion, representing a year-on-year growth of 6.8%[11] - The total assets of the company as of June 30, 2024, were RMB 12,226.67 billion, compared to RMB 11,583.42 billion at the end of 2023[6] - The total operating profit for the group was RMB 78.482 billion, a decrease of 0.6% compared to the previous year[28] - The annualized operating ROE for the same period was 16.4%, down from 17.6% in 2023[23] - The operating profit for the first half of 2024 was RMB 56,301 million, up by 1.3% from RMB 55,564 million in 2023[41] - The total liabilities increased by 5.9% to RMB 10,961,716 million from RMB 10,354,453 million[184] Insurance Business Performance - The new business value of life and health insurance reached RMB 22.320 billion, representing a year-on-year growth of 11.0%[4] - The life and health insurance segment contributed RMB 54.657 billion to the operating profit, while the property insurance and banking segments contributed RMB 9.909 billion and RMB 14.999 billion, respectively[26] - The new business profit margin for life insurance was 10.3%, a slight decrease of 0.3 percentage points compared to the previous year[32] - The total scale premium for life and health insurance business in the first half of 2024 reached RMB 387.766 billion, compared to RMB 379.918 billion in 2023, indicating a growth of 2.2%[44] - The new business value for the first half of 2024 was RMB 22,320 million, representing an 11.0% increase from RMB 20,112 million in the same period last year[20] Investment Performance - The investment portfolio of insurance funds achieved an annualized comprehensive investment return of 4.2%, up by 0.1 percentage points year-on-year[4] - The total investment income for the first half of 2024 was RMB 8.59 billion, representing a 6.7% increase from RMB 8.04 billion in the previous year[50] - The company's investment portfolio achieved an annualized comprehensive investment return rate of 4.2% in the first half of 2024, an increase of 0.1 percentage points year-on-year, primarily due to a balanced asset allocation strategy[69][64] - The net investment yield was 3.3% for the first half of 2024, a decrease of 0.2 percentage points compared to the previous year[64] Customer and Market Engagement - As of June 30, 2024, the number of individual life insurance sales agents reached 340,000, with a per capita new business value growth of 36.0%[4] - The registered user count for the "Ping An Good Car Owner" app exceeded 218 million, with over 142 million vehicles linked[13] - Over 63% of Ping An's 236 million individual customers utilized services from the medical and elderly care ecosystem, with an average of 3.36 contracts per customer[15] - The average number of contracts per individual customer was 2.93, with over 87.92 million customers holding contracts from multiple subsidiaries[123] Digital Transformation and Innovation - The company emphasizes digital transformation to enhance customer service and operational efficiency[11] - The company is implementing a dual-driven strategy of "comprehensive finance + medical care and elderly care" supported by technology[25] - The company has established an internal credit rating team to manage investment risks effectively, ensuring a robust risk management framework[73] - The company continues to enhance its technology capabilities, employing over 20,000 technology developers and 3,000 scientists[111] Dividend and Capital Management - The interim cash dividend per share is set at RMB 0.93, consistent with the previous year[7] - The company plans to distribute an interim cash dividend of RMB 0.93 per share, maintaining stable cash dividend levels[12] - The cash dividend payout ratio based on attributable operating profit for 2023 is 37.3%[189] - The actual capital as of June 30, 2024, is RMB 1,749,657 million, up from RMB 1,714,110 million at the end of 2023[192] ESG and Sustainable Development - The company has invested nearly RMB 9.46 trillion to support the development of the real economy as of June 30, 2024[5] - The scale of green investments by the company reached RMB 124.877 billion, with green loan balances at RMB 164.634 billion[197] - The company has cumulatively invested over CNY 1.5 trillion directly into the real economy through various investment plans, with an additional CNY 27 billion in new investments in the first half of 2024[199] - The ESG management framework consists of four levels: strategic, management, execution, and practice, ensuring comprehensive oversight and integration of ESG matters[198]

HONG KONG and SHANGHAI, Sept. 9, 2024 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", the "Company" or the "Group", HKEX: 2318 / 82318; SSE: 601318) has been included as a constituent member in the Hang Seng Corporate Sustainability Index Series for 2024-2025, effective immediately. Hang Seng Indexes Company recognizes Ping An's outstanding performance in environmental, social, and corporate governance (ESG). Ping An has been a constituent member of the index series fo ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Insights - The company reported a steady growth in revenue and net profit for the first half of 2024, with operating income reaching 494.97 billion yuan, a year-on-year increase of 1.3%, and net profit attributable to shareholders of 74.62 billion yuan, up 6.8% year-on-year [3]. - The return on equity (ROE) was 8.10%, reflecting a year-on-year increase of 5.19% [3]. - The core businesses, including life and health insurance, property insurance, and banking, generated a total operating profit of 79.57 billion yuan, a year-on-year increase of 1.7% [3]. - New business value in life and health insurance reached 22.32 billion yuan, up 11.0% year-on-year, with significant improvements in policy continuation rates [3]. - The property insurance segment saw stable growth, with service revenue of 161.61 billion yuan, a year-on-year increase of 3.9% [3]. - The banking sector reported a net profit of 25.88 billion yuan, a year-on-year increase of 1.9%, with a non-performing loan ratio of 1.07% [3]. - The investment portfolio of insurance funds expanded significantly, reaching 5.20 trillion yuan, a growth of 10.2% since the beginning of the year, with a stable annualized investment return of 4.2% [3]. Financial Projections - The company is projected to achieve operating revenues of 991.28 billion yuan, 1,077.66 billion yuan, and 1,176.38 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.48%, 8.71%, and 9.16% [4]. - Net profit attributable to shareholders is expected to reach 96.92 billion yuan, 124.59 billion yuan, and 155.93 billion yuan for the same years, with growth rates of 13.14%, 28.55%, and 25.16% [4]. - The diluted earnings per share (EPS) are projected to be 5.32 yuan, 6.84 yuan, and 8.56 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 8.16, 6.35, and 5.07 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Insights - The company reported a steady growth in revenue and net profit for the first half of 2024, with operating income reaching 494.97 billion yuan, a year-on-year increase of 1.3%, and net profit attributable to shareholders of 74.62 billion yuan, up 6.8% year-on-year [3]. - The return on equity (ROE) was 8.10%, reflecting a year-on-year increase of 5.19% [3]. - The core business segments, including life and health insurance, property insurance, and banking, collectively generated an operating profit of 79.57 billion yuan, a year-on-year increase of 1.7% [3]. - The new business value for life and health insurance reached 22.32 billion yuan, up 11.0% year-on-year, with significant improvements in policy continuation rates [3]. - The property insurance segment saw stable growth, with service revenue of 161.61 billion yuan, a year-on-year increase of 3.9% [3]. - The banking segment reported a net profit of 25.88 billion yuan, up 1.9% year-on-year, with a non-performing loan ratio of 1.07% [3]. Financial Projections - The company is projected to achieve operating revenues of 991.28 billion yuan, 1,077.66 billion yuan, and 1,176.38 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.48%, 8.71%, and 9.16% [4]. - Net profit attributable to shareholders is expected to reach 96.92 billion yuan, 124.59 billion yuan, and 155.93 billion yuan for the same years, with growth rates of 13.14%, 28.55%, and 25.16% [4]. - The earnings per share (EPS) are projected to be 5.32 yuan, 6.84 yuan, and 8.56 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 8.16, 6.35, and 5.07 [4].

Investment Rating - The report maintains a "Buy" rating for the company, China Ping An Insurance (2318 HK), with a target price of HKD 51.00, indicating a potential upside of 48.7% from the current closing price of HKD 34.30 [1][3][23]. Core Insights - The company's major business indicators are performing well, and its valuation appears low, prompting a reaffirmation of the "Buy" rating. The individual insurance agents have stabilized and shown a slight recovery, with a total of 340,000 agents, a 2% decrease year-to-date but a 0.7 thousand increase quarter-on-quarter, marking the first quarter-on-quarter increase since Q3 2020 [1][3]. - The new business value for the first half of the year grew by 11% year-on-year, aligning with expectations. The new business value margin increased to 24.2%, up 6.5 percentage points year-on-year, driven by product structure optimization and extended payment terms [2][3]. - The strategic layout of comprehensive finance and medical pension services has created a differentiated competitive advantage, with an upgrade to the 2.0 customer management phase. The profit forecast for 2024 has been raised, expecting a 13% year-on-year growth in OPAT from a low base [3][15]. Financial Performance Summary - For the first half of 2023, the company reported a net profit attributable to shareholders of RMB 69.841 billion, a 6.8% increase year-on-year, while OPAT slightly decreased by 0.6% to RMB 78.950 billion. The core business segments showed growth, with property insurance up 7.2%, life and health insurance up 0.7%, and banking up 1.9% [6][15]. - The new business value for the first half of 2023 was RMB 20.112 billion, with a year-on-year growth of 11%. The number of individual insurance agents decreased by 9.1% year-on-year [6][7]. - The company expects a net profit of RMB 111.464 billion for 2024, reflecting a 30.1% year-on-year increase, with an operating ROAE of 12.0% [19][24].

Investment Rating - The report maintains a "BUY" rating for Ping An, with a target price (TP) unchanged at HK$52.0, implying a 0.6x FY24E P/EV [1]. Core Insights - Ping An reported resilient 1H24 results with a year-on-year (YoY) increase in new business value (NBV) of 11% to RMB 22.3 billion, surpassing forecasts by 3.6% and market consensus by 9.5% [1]. - The report anticipates a turnaround in Group operating profit after tax (OPAT) in FY24, driven by improved operating efficiency and a low base effect from the previous year [1]. - The NBV margin improved to 24.2%, reflecting a 6.5 percentage point increase YoY, indicating a focus on margin expansion rather than volume growth [1]. Summary by Sections New Business Value (NBV) - Ping An's NBV for 1H24 reached RMB 22.3 billion, an 11% increase YoY, with 2Q24 stabilizing at RMB 9.43 billion [1][3]. - The agency and bancassurance channels contributed significantly, with NBV growth of 10.8% and 17.3% YoY, respectively [1][3]. - The NBV margin increased to 24.2%, up 6.5 percentage points YoY, indicating improved profitability [1][3]. Operating Profit After Tax (OPAT) - Group OPAT declined by 0.6% YoY in 1H24, with core business lines showing a 1.7% YoY increase to RMB 79.6 billion [1]. - The report expects full-year Group OPAT to grow by 3.9% YoY, supported by stabilized life and health (L&H) OPAT and enhanced property and casualty (P&C) underwriting profit [1]. Property and Casualty (P&C) Performance - The P&C combined ratio (CoR) was 97.8% in 1H24, a slight improvement of 0.2 percentage points YoY, with a notable scale-back in high-loss guarantee business [1][10]. - P&C underwriting profits increased by 15.3% YoY to RMB 3.5 billion, driven by higher insurance revenue [1][10]. Valuation Metrics - The stock is currently trading at 0.42x FY24E P/EV and 0.61x FY24 P/BV, with a dividend yield of 7.6% and an average ROE of 12.3% over three years [1][19]. - The report highlights a positive outlook for the Group's OPAT turnaround, particularly in the asset management and technology segments [1][19].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock to outperform the benchmark index by over 20% in the next six months [6]. Core Insights - The company reported a revenue of 494.97 billion yuan for the first half of 2024, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 74.62 billion yuan, up 6.8% year-on-year [4]. - The three core businesses—life and health insurance, property insurance, and banking—showed growth, with a combined operating profit of 79.57 billion yuan, reflecting a 1.7% increase year-on-year [4]. - The number of individual insurance agents decreased by 2% compared to the end of 2023 but showed signs of recovery from the end of March 2024 [4]. - The investment scale exceeded 5.2 trillion yuan, marking a 10.2% increase since the beginning of the year, with an annualized comprehensive investment return rate of 4.2%, up 0.1 percentage points year-on-year [4]. Financial Projections - The projected earnings per share (EPS) for 2024-2026 are 5.52, 6.17, and 6.78 yuan per share, respectively [4]. - The expected revenue growth rates for 2024, 2025, and 2026 are 2.08%, 5.51%, and 4.94%, respectively [5]. - The net profit attributable to shareholders is projected to grow by 14.24% in 2024, followed by 11.70% and 9.85% in the subsequent years [5].

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by th ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本聯合公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 本聯合公告僅供參考，並不構成收購、購買或認購陸金所證券的邀請或要約，亦並非在任何司 法管轄區徵集任何表決或批准。本聯合公告不得在任何司法管轄區發佈、刊載或派發，否則將 構成違反該司法管轄區的相關法律。 倘本聯合公告所提述陸金所要約在美國作出，則是由聯合要約人直接作出。本聯合公告所提述 由摩根士丹利代表聯合要約人作出的陸金所要約應據此詮釋。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：6623） （紐交所股票代碼：LU） 聯合公告 (II) 以註銷所有尚未歸屬陸金所期權； 及 股份代號：2318（港幣櫃台）及 82318（人民幣櫃台） 安科技術有限公司 （於香港註冊成立的有限公司） 中國平安保險海外（控股）有限公司 （於香港註冊成立的有限公司） Lufax Holding Ltd 陸金所控股有限公司 （於開曼群島註冊成立的有限公司） (2) 有關所有未歸屬陸金所績效股份單位的陸金所績效 ...

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of 49.24 CNY [3][7]. Core Insights - The company's core business profitability has improved, with a net profit of 746 billion CNY for H1 2024, representing a year-on-year increase of 6.8% [1]. - New Business Value (NBV) achieved a robust growth of 11.0% year-on-year, reaching 223 billion CNY, despite a 19% decline in new single premium due to high base effects from the previous year [1][2]. - The company has seen a significant improvement in profitability, with a Q2 net profit increase of 20.4% year-on-year [1]. Summary by Sections Financial Performance - For H1 2024, the company reported a net profit of 746 billion CNY (YoY +6.8%) and an operating profit of 785 billion CNY (YoY -0.6%) [1]. - The core businesses contributed an operating profit of 796 billion CNY (YoY +1.7%) [1]. - The company’s H1 2024 insurance service revenue reached 1619 billion CNY (YoY +3.9%) with a net profit from property and casualty insurance of 100 billion CNY (YoY +7.2%) [2]. Business Segments - The life and health insurance segment achieved an operating profit of 563 billion CNY (YoY +1.3%) and an NBV of 223 billion CNY (YoY +11.0%) [2]. - The property and casualty insurance segment saw a slight improvement in profitability, with a combined cost ratio of 97.8%, down 0.2 percentage points year-on-year [2]. Investment Performance - As of the end of H1 2024, the company’s investment portfolio exceeded 5.20 trillion CNY, growing by 10.2% since the beginning of the year [2]. - The annualized total investment return rate was 3.5%, with a comprehensive investment return rate of 4.2%, both showing a year-on-year increase of 0.1 percentage points [2]. Market Position - The company’s market capitalization is approximately 789.41 billion CNY, with a circulating market value of 466.56 billion CNY [3]. - The stock price as of August 23, 2024, was 43.35 CNY, with a 12-month price range of 37.78 to 51.45 CNY [3].