Ping An Insurance Group - H Global China Summit Takeaways: Strong confidence in the core earnings growth outlook

研报英文原文证据摘录

Ping An Insurance Group - H Global China Summit Takeaways: Strong confidence in the core earnings growth outlook

Asia Pacific Equity Research

21 May 2026

Overweight

Ping An Insurance Group - H 2318.HK, 2318 HK

Price: HK$60.80

Global China Summit Takeaways: Strong confidence 21 May 2026

in the core earnings growth outlook Price Target: HK$90.00

PT End Date: 31 Dec 2026

Ping An Group's management team attended the 2026 JPM China Summit Insurance

held in Shanghai. Our key takeaways are outlined below: AC MW Kim

(852) 2800-8517

• Confidence in core earnings growth. Ping An Group remains confident mw.kim@jpmorgan.com

in underlying earnings (OPAT) growth in 2026. Ping An Life contributed J.P. Morgan Securities (Asia Pacific) Limited/

74% of FY25 Group OPAT. Supported by robust life insurance sales, the J.P. Morgan Broking (Hong Kong) Limited

CSM balance is expected to return to positive growth by year-end, Dan Wang

underpinning a stable life earnings outlook beyond 2026. Additionally, (86-21) 6106-6349

dan.wang@jpmorgan.com

Ping An P&C, which contributed 13% of FY25 OPAT, is poised to SAC Registration Number: S1730524080001

deliver healthy growth, driven by disciplined underwriting, technology J.P. Morgan Securities (China) Company

leverage, and favourable YTD catastrophe loss experience. Coupled with Limited

de-risking efforts at Ping An Bank and the stabilisation at Ping An AMC – Julia Kim

previously a source of earnings volatility – the company believes these (852) 2800-8540

factors should further support the Group’s core earnings growth in 2026. julia.c.kim@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/

As such, the DPS growth is anticipated to track core earnings expansion J.P. Morgan Broking (Hong Kong) Limited

over the medium to long run.