Zhi Tong Cai Jing·2025-08-27 09:06Core Viewpoint - Bank of America Securities forecasts a 4% growth in after-tax operating profit for Ping An Insurance (601318) (02318) for the full year, supporting stable dividend growth for the year [1] Financial Performance - Ping An Insurance reported a net profit of 68 billion RMB for the first half of the year [1] - The value of new business (VNB) increased by 40% year-on-year, driven by a 1.9 percentage point rise in new business value profit margin to 26.1% [1] - After-tax operating profit (OPAT) grew by 4% year-on-year, attributed to stable growth in insurance business operating profit and a recovery in asset management business operating profit [1] - The interim dividend per share is 0.95 RMB, representing a 2% year-on-year increase [1] Earnings Forecast and Target Price - Earnings forecasts for 2025 to 2027 have been raised by 4% [1] - The target price for H-shares has been increased by 4%, from 62.4 HKD to 64.9 HKD, maintaining a "Buy" rating [1]