Core Viewpoint - UBS reports that Ping An Insurance (02318) is set to announce its 2025 results after market close on March 26, with a projected 9% year-on-year increase in operating profit attributable to shareholders, indicating a 23% growth in Q4 [1] Group 1: Financial Performance - UBS expects a 5% year-on-year increase in net profit attributable to shareholders for the full year of 2025 [1] - The estimated total dividend for 2025 is projected to be RMB 2.68 per share, reflecting a 5% year-on-year growth [1] - The asset value is anticipated to grow by 7% year-on-year, indicating moderate quarter-on-quarter growth in Q4 [1] Group 2: Business Growth - UBS forecasts a 30% year-on-year growth in new business value for the full year of 2025 [1] - The company is expected to achieve a new business value growth of 25% to 30% in Q1 2026, with an overall growth of 18% for the year, positioning it at an industry-leading level [1] - The growth in new business value is attributed to lower interest rate risks and profit volatility associated with participating policies compared to traditional products [1] Group 3: Strategic Positioning - UBS believes that Ping An is well-positioned to capture opportunities from deposit migration and bancassurance collaboration due to its scale advantages, such as brand strength and bargaining power with banks [1] - The acceleration in Q4 growth is primarily driven by reduced impairment losses in asset management and stronger underwriting profits in property and casualty insurance [1]

Core Viewpoint - UBS reports that Ping An Insurance (601318)(02318) plans to announce its 2025 results after market close on March 26, with an expected 9% year-on-year increase in net operating profit attributable to shareholders, indicating a 23% growth in Q4 year-on-year [1] Group 1: Financial Performance - UBS expects a 5% year-on-year increase in net profit attributable to shareholders for the full year 2025 [1] - The estimated total dividend for 2025 is projected to be RMB 2.68 per share, reflecting a 5% year-on-year growth [1] - The asset value is anticipated to grow by 7% year-on-year, indicating moderate quarter-on-quarter growth in Q4 [1] Group 2: Business Growth - UBS forecasts a 30% year-on-year growth in new business value for the full year 2025 [1] - The company is expected to achieve a new business value growth of 25% to 30% in Q1 2026, with an 18% growth forecast for the entire year 2026, positioning it at an industry-leading level [1] - The report highlights that participating policies present lower interest rate risk and profit volatility compared to traditional products [1] Group 3: Strategic Positioning - UBS believes that Ping An is well-positioned to capture opportunities from deposit migration and bancassurance collaboration due to its scale advantages, such as brand strength and bargaining power with banks [1]

Core Viewpoint - The National Financial Supervision Administration's Liangjiang Regulatory Bureau has approved the relocation of China Ping An Life Insurance Co., Ltd.'s Chongqing branch's third marketing service department to a new address in Chongqing [1] Group 1 - The new business location for the third marketing service department is specified as: 4-1, 2, 3 units on the 25th West Street, Jiangbei City, Liangjiang New Area, Chongqing; 5-1, 4, 5, 6A, 6B units; and 21-1 floor [1] - China Ping An Life Insurance Co., Ltd. is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Group 1 - The National Financial Supervision Administration of Jinzhong has approved the request from China Ping An Property & Casualty Insurance Company to change the business location of its Xiyang branch [1] - The new business location will be at Room 503, 5th Floor, Jinmei Commercial Center, Chunfeng Road, Xiyang County, Jinzhong City, Shanxi Province [1] - China Ping An Property & Casualty Insurance Company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国平安保险（集团）股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601318 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,660,065,083 | RMB | | 1 RMB | | 10,660,065,083 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 10,660,065,083 | RMB | | 1 RMB | | 10,660,065,083 | | 2. 股份分類 | 普通股 | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国平安保险（集团）股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601318 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,660,065,083 | RMB | | 1 RMB | | 10,660,065,083 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 10,660,065,083 | RMB | | 1 RMB | | 10,660,065,083 | | 2. 股份分類 | 普通股 | | ...

Core Viewpoint - The insurance sector is expected to regain momentum as the earnings announcement period approaches, driven by five key catalysts [1] Group 1: Key Catalysts - Discussion on enhancing total shareholder returns [1] - Management's optimistic guidance on life insurance sales prospects for fiscal year 2026 [1] - Robust solvency capital position anticipated for Q4 2025 [1] - Decrease in cost of capital [1] - Increased confidence in the recovery of the Contractual Service Margin (CSM) for life insurance reserves [1] Group 2: Company Preferences - Preference for China Ping An due to its recovery in life insurance sales and attractive valuation [1] - Favorable outlook for China Life, which not only shows strong life insurance sales growth but also engages in discussions to enhance shareholder returns [1] - "Overweight" ratings assigned to China Ping An and China Life H-shares, with target prices set at HKD 100 and HKD 40 respectively [1]

Core Viewpoint - China Ping An's Q3 2025 performance shows significant growth in both OPAT and net profit, indicating strong operational performance and effective management strategies [1] Overall and Segment Analysis - In Q3 2025, China Ping An's net profit exceeded OPAT by 26.5 billion yuan, primarily driven by positive contributions from short-term investment fluctuations in life insurance, despite a 2.4 billion yuan loss from the sale of Autohome [1] - The growth rates for OPAT in life insurance, property insurance, and banking segments were 0.6%, 26.2%, and -2.8% respectively, with life insurance remaining the core business, accounting for 68.3% of total OPAT [1] - Asset management reported a minor loss of 0.7 million yuan, significantly improved from a 3.6 billion yuan loss in the same period last year, indicating reduced impact from non-recurring capital transactions [1] Life Insurance Business - The NBV growth rate for life insurance in the first three quarters of 2025 increased to 46.2%, driven by strong performance in both agency and bancassurance channels [2] - The increase in NBV was attributed to the effects of a switch in the predetermined interest rate and the expansion of bancassurance distribution channels [2] - The strategy of combining products with medical and elderly care services is expected to sustain NBV growth in the agency channel through 2026 [2] Investment Situation - The comprehensive investment return rate for China Ping An in the first three quarters of 2025 improved by 1 percentage point to 5.4%, mainly due to an increase in equity asset scale [2] - The core solvency ratio for life insurance decreased by 32.5 percentage points to 135%, attributed to a significant rise in minimum capital requirements [2] Profit Forecast and Rating - Profit, net assets, NBV growth, and investment returns for Q3 2025 were strong, with projected net profits for 2025-2027 at 135.2 billion, 173.0 billion, and 202.2 billion yuan respectively, reflecting growth rates of 6.77%, 27.95%, and 16.93% [3] - The estimated embedded value per share for 2025-2027 is projected at 84.78, 92.20, and 98.87 yuan, with a current PEV valuation of 0.74, 0.68, and 0.64 times [3] - The company is initiated with a "buy" rating based on its strong financial performance [3]

Core Insights - China Ping An showcased its comprehensive financial achievements in supporting Guangdong's manufacturing industry and new productivity development at the 2026 Guangdong High-Quality Development Conference [1][3] - The company aims to build a multi-layered financial service system to contribute to the modernization of Guangdong's industrial system [1][3] Financial Support for Manufacturing - Ping An will provide risk protection exceeding 2.48 trillion yuan for 65,000 manufacturing clients in Guangdong by 2025 [1][3] - The bank plans to offer loans totaling 584.9 billion yuan to the Guangdong region by 2025 [1][3] - Ping An Life has invested a cumulative 250 billion yuan in Guangdong to support the real economy and has established a 10 billion yuan industrial fund targeting the Greater Bay Area [1][3] - Ping An Asset Management and Ping An Securities have raised a total of 56.7 billion yuan for Guangdong enterprises [1][3] Innovation in Financial Services - The company is developing innovative products and services for emerging fields, including providing risk protection exceeding 13 billion yuan for over 30,000 industrial drones by 2025 [4] - In the field of embodied intelligent robots, Ping An launched the industry's first comprehensive financial solution [4] - For the semiconductor sector, the company provided risk protection exceeding 96 billion yuan for the production line of Guangzhou Zengxin Technology Co., Ltd. [4] Technology-Driven Risk Management - Ping An's self-developed "Eagle Eye System" utilizes IoT and AI technologies to achieve real-time risk warnings and interventions [2][4] - By 2025, the system will have sent 21.99 million warnings to over 30,000 enterprises, resulting in damage reduction exceeding 40 million yuan [2][4] - The company has served over 15,000 technology enterprises in the province, providing risk protection exceeding 19.6 trillion yuan [2][4]

Investment Rating - The investment rating for the company is "Buy" (first coverage) [5] Core Insights - The report highlights significant profit growth, with the life insurance new business value (NBV) continuing to grow at a high rate [5] - In Q3 2025, the group's net profit attributable to shareholders increased by 45.4% year-on-year to 64.8 billion yuan, driven by a 15.2% increase in operating profit attributable to shareholders [6] - The life insurance NBV growth rate improved from 39.8% in the mid-year report to 46.2% in the Q3 report, indicating strong performance in the life insurance segment [6][8] Summary by Relevant Sections Market Performance - Closing price as of February 25, 2026, was 71.15 HKD, with a market capitalization of approximately 1,288.36 billion HKD [3] Financial Performance - In Q3 2025, the life insurance, property insurance, and banking segments' operating profit attributable to shareholders grew by 0.6%, 26.2%, and -2.8% year-on-year, respectively [7] - The overall performance of the company is strong, with a significant increase in net assets and a reduction in losses in the asset management segment [7] Life Insurance Business - The life insurance NBV growth rate for the first three quarters of 2025 expanded to 46.2%, with agent and bancassurance channels showing growth rates of 23.3% and 170.9%, respectively [8] - The company's strategy of combining products with medical and elderly care services is expected to drive further growth in the agent channel [8] Investment Situation - The comprehensive investment return rate for the first three quarters of 2025 increased by 1 percentage point to 5.4% compared to the same period in 2024, attributed to a significant increase in equity assets [9] - The core solvency ratio for life insurance decreased by 32.5 percentage points to 135% due to increased capital requirements [9][10] Profit Forecast and Valuation - The forecasted net profit for the company for 2025, 2026, and 2027 is 135.2 billion, 173.0 billion, and 202.2 billion yuan, respectively, with year-on-year growth rates of 6.77%, 27.95%, and 16.93% [10] - The estimated intrinsic value per share for 2025, 2026, and 2027 is projected to be 84.78, 92.20, and 98.87 yuan, respectively, with a current price-to-earnings valuation of 0.74, 0.68, and 0.64 times [10]