Financials Ping An Insurance Group Company

Equities

2318

CNE1000003X6

Life & Health Insurance

Market Closed - Hong Kong Stock Exchange Other stock markets 03:08:40 2023-12-08 am EST			5-day change	1st Jan Change
33.75 ^HKD	-0.30%		-6.38%	-34.66%

Dec. 05	OneConnect Financial Technology's Shareholders to Vote on PAOB Disposal in January	MT
Nov. 27	Ping An Healthcare and Technology Shareholders to Vote Dec. 15 on Agreement Renewal with Ping An Insurance Associates	MT

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	1 059 825	1 629 734	1 531 193	879 455	839 971	648 313	-	-
Enterprise Value (EV) ¹	1 059 825	1 629 734	1 531 193	879 455	839 971	648 313	648 313	648 313
P/E ratio	10,1x	9,82x	9,94x	8,00x	9,64x	4,85x	3,84x	3,49x
Yield	3,16%	2,49%	2,75%	5,20%	5,31%	7,95%	8,71%	9,59%
Capitalization / Revenue	1,08x	1,39x	2,02x	1,19x	1,13x	0,79x	0,75x	0,69x
EV / Revenue	1,08x	1,39x	2,02x	1,19x	1,13x	0,79x	0,75x	0,69x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1,99x	2,24x	1,92x	1,03x	0,97x	0,59x	0,53x	0,47x
Nbr of stocks (in thousands)	18 280 241	19 348 324	18 210 235	18 132 470	18 107 642	18 107 642	-	-
Reference price ²	60,7	82,3	80,0	45,8	45,6	31,0	31,0	31,0
Announcement Date	3/12/19	2/20/20	2/3/21	3/17/22	3/15/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	976 832	1 168 867	757 599	739 933	742 418	820 620	866 100	938 408
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	163 338	185 028	214 200	167 662	226 391	128 044	193 389	214 456
Operating Margin	16,7%	15,8%	28,3%	22,7%	30,5%	15,6%	22,3%	22,9%
Earnings before Tax (EBT) ¹	163 151	184 739	187 764	139 580	105 815	150 355	193 805	215 927
Net income ¹	107 404	149 407	143 099	101 618	83 774	106 808	136 554	151 135
Net margin	11,0%	12,8%	18,9%	13,7%	11,3%	13,0%	15,8%	16,1%
EPS ²	6,02	8,38	8,04	5,72	4,73	6,38	8,06	8,86
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	1,92	2,05	2,20	2,38	2,42	2,46	2,70	2,97
Announcement Date	3/12/19	2/20/20	2/3/21	3/17/22	3/15/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2019 S1	2019 S2	2020 S1	2020 S2	2021 Q2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 S1	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1
Net sales ¹	639 155	327 347	629 956	341 845	295 341	635 649	329 643	412 977	171 312	158 129	329 441	281 600	546 134	178 600	346 580	252 000	183 200	484 493	185 000	185 500	359 156	516 642
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	40 156	-	73 766	78 085	-	-	88 310	-	95 950	-	50 219	-	-	91 367	-	-	92 007	98 947
Operating Margin	-	-	-	-	13,6%	-	22,4%	18,9%	-	-	26,8%	-	17,6%	-	14,5%	-	-	18,9%	-	-	25,6%	19,2%
Earnings before Tax (EBT)	116 239	-	90 760	-	-	78 821	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	97 676	-	68 683	74 416	30 782	58 005	-	-	16 190	7 311	-	38 400	69 841	-	-	-	-	-	-	-	-	-
Net margin	15,3%	-	10,9%	21,8%	10,4%	9,13%	-	-	9,45%	4,62%	-	13,6%	12,8%	-	-	-	-	-	-	-	-	-
EPS	5,47	2,91	3,86	4,18	-	3,26	2,46	3,40	-	-	1,33	-	3,87	-	2,25	-	-	3,78	-	-	3,50	4,03
Dividend per Share	-	-	-	-	-	-	1,50	0,92	-	-	1,50	-	0,93	-	1,62	-	-	1,01	-	-	1,73	1,07
Announcement Date	8/15/19	2/20/20	8/27/20	2/3/21	8/26/21	8/26/21	3/17/22	8/23/22	10/26/22	3/15/23	3/15/23	4/26/23	8/29/23	-	-	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	20,9%	24,4%	20,0%	13,0%	10,0%	12,7%	14,7%	14,5%
Shareholders' equity ¹	513 895	612 324	715 495	781 677	835 540	842 042	927 958	1 039 650
ROA (Net income/ Total Assets)	1,58%	1,94%	1,61%	1,03%	0,79%	0,90%	1,16%	1,24%
Assets ¹	6 819 302	7 682 779	8 875 457	9 834 983	10 639 590	11 933 883	11 775 982	12 221 823
Book Value Per Share ²	30,4	36,8	41,7	44,4	47,0	52,4	58,9	66,2
Cash Flow per Share	-	-	17,5	5,07	27,4	-	-	-
Capex ¹	-	-	-	-	8 871	7 373	7 871	8 354
Capex / Sales	-	-	-	-	1,19%	0,90%	0,91%	0,89%
Announcement Date	3/12/19	2/20/20	2/3/21	3/17/22	3/15/23	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ping An Insurance Group Company

Trading Rating :

Investor Rating :

ESG Refinitiv :

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

30.96CNY

Average target price

63.95CNY

Spread / Average Target

+106.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Life Insurance

	1st Jan change	Capi.
PING AN INSURANCE GROUP COMPANY	-34.66%	90 498 M $
AIA GROUP LIMITED	-26.44%	92 774 M $
CHINA LIFE INSURANCE COMPANY LIMITED	-25.60%	92 313 M $
JAPAN POST HOLDINGS CO., LTD.	+17.53%	29 869 M $
FUBON FINANCIAL HOLDING CO., LTD.	+17.87%	29 326 M $
CHINA PACIFIC INSURANCE (GROUP) CO., LTD.	-5.83%	27 499 M $
SBI LIFE INSURANCE COMPANY LIMITED	+19.00%	17 579 M $
HDFC LIFE INSURANCE COMPANY LIMITED	+18.54%	17 298 M $
GLOBE LIFE INC.	+1.50%	11 516 M $
NN GROUP N.V.	-6.84%	10 555 M $

Life Insurance