KAIYUAN SECURITIES·2025-08-27 05:32Investment Rating - The investment rating for Ping An Insurance is maintained as "Buy" [1] Core Views - The report highlights significant improvement in the COR (Combined Operating Ratio) for property and casualty insurance, alongside a continuous increase in high-dividend assets [1] - The net profit attributable to shareholders for the first half of 2025 reached 68.05 billion yuan, a year-on-year decrease of 8.8%, with insurance service performance showing a slight increase of 2.0% [1] - The report predicts a strong growth trajectory for new business value (NBV) from 2025 to 2027, with expected year-on-year growth rates of 35.5%, 4.0%, and 9.7% respectively [1] Financial Performance Summary - In the first half of 2025, the NBV for life insurance reached 22.34 billion yuan, a year-on-year increase of 39.8% (on a retrospective basis) [2] - The total premium income for participating insurance increased by 41% to 49.9 billion yuan, indicating a significant rise in its proportion [2] - The insurance service income for property and casualty insurance was 165.6 billion yuan, reflecting a year-on-year growth of 2.3% [3] - The total investment income decreased by 30.2% year-on-year, impacting overall profit [3] Financial Projections - The projected net profit attributable to shareholders for 2025 is adjusted to 134.6 billion yuan, representing a year-on-year increase of 6.3% [1] - The expected new business value for 2025 is forecasted at 38.7 billion yuan, with a year-on-year growth of 35.5% [4] - The projected embedded value (EV) for the group is expected to grow to 15.22 billion yuan by 2025, with a year-on-year increase of 7.0% [4]