First Read: Ping An Insurance (Group) "2026 AIC: investment, growth &..."

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First Read: Ping An Insurance (Group) "2026 AIC: investment, growth &..."

Global Research

26 May 2026ab

First Read

EquitiesPing An Insurance (Group)

2026 AIC: investment, growth & capital China

management Insurance, Full-Line

12-month rating Buy

12m price target HK$88.00

Asset allocation follows a balanced strategy

This year, Ping An frequently appeared in news headlines for increasing equity holdings

(e.g. China Life, Agriculture Bank). The moves did not indicate an investment mix shift Price (26 May 2026) HK$60.65

toward equity, but a deployment of newly generated premium. Current equity exposure RIC: 2318.HK BBG: 2318 HK

is close to the strategic asset allocation (SAA) target of 20%, according to Ping An.

Trading data and key metrics

Within equity investments, the insurer upholds a barbell strategy, balancing both growth

and high-dividend-yield (HDY) names. For HDY strategy, the company focuses on 52-wk range HK$73.45-45.60

dividend yield, dividend sustainability and resilience of operations. Public data indicate Market cap. HK$1,098b/US$140b

that its shareholding in ICBC has reached the 5% ceiling, while holding in CCB is close to Shares o/s 18,108m (ORD)

that threshold. Positions in other names still have some distance from the limit. Free float 50%

Avg. daily volume ('000) 38,709

Maintain double-digit VNB growth target for 2026 Avg. daily value (m) HK$2,414.8

At end-2025, Ping An revised actuarial assumptions (e.g. higher cost of capital due to Common s/h equity (12/26E) Rmb1092b

asset mix shift toward equity), imposing adverse margin impact in Q126 - resulting in P/BV (12/26E) 0.9x

21% YoY headline VNB growth. On a like-for-like basis, VNB would have grown much

EPS (UBS, diluted) (Rmb)

stronger. The insurer suggests that VNB growth momentum is decent in Q2,