1Q24 NBV beat; Life OPAT y/y turned positive

Ping An (2318 HK) 25 Apr 2024 CMB International Global Markets | Equity Research | Company Update 1Q24 NBV beat; Life OPAT y/y turned positive Ping An's first-quarter results show resilience in core lines, with Life VNB +20.7% YoY to RMB12.9bn under new EV assumptions, beating market consensus and our estimate of mid-teens growth. We see the uptick driven by a promising rise of VNB margin (+6.5 pct YoY) to 22.8% despite sluggish 2024 jumpstart sales. Group OPAT was down by 3.0% YoY to RMB38.7bn, significant ...