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Ping An Insurance Company of China Ltd (HK:2318)
:2318

Ping An Insurance Company of China (2318) AI Stock Analysis

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HK:2318

Ping An Insurance Company of China

(2318)

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Outperform 78 (OpenAI - 5.2)
Rating:78Outperform
Price Target:
HK$78.00
â–²(9.63% Upside)
The score is driven primarily by solid financial performance (improving revenue and profits with strong cash generation) and supportive technical momentum (price above key moving averages with positive MACD). Valuation further boosts the score due to the low P/E and strong dividend yield, while the leverage-heavy balance sheet typical of life insurers remains the key risk factor.
Positive Factors
Diversified Business Model
Ping An's integrated model across life and non‑life insurance, banking, asset management and fintech creates diversified revenue streams and deep cross‑sell. This structural ecosystem enhances customer retention, spreads risk across businesses, and supports durable fee and premium income over cycles.
Strong Cash Generation
Consistent high operating and free cash flow, with FCF closely tracking earnings, indicates strong cash conversion and earnings quality. Sustained cash generation supports dividends, reinvestment in technology and distribution, and provides a durable buffer for underwriting and capital needs over multiple years.
Improving Capital Metrics
Leverage has been trending down while equity and returns on capital have risen, indicating strengthening capital adequacy and more efficient deployment. This trajectory reduces structural funding risk, enhances regulatory headroom, and supports sustained shareholder returns and strategic investments over the medium term.
Negative Factors
High Absolute Debt
Despite improving leverage ratios, the very large nominal debt stock elevates sensitivity to interest rates, liquidity stress and regulatory capital demands. Large absolute liabilities constrain strategic flexibility and increase the potential cost of capital under prolonged adverse market or underwriting conditions.
Revenue and Cash Volatility
Historical uneven top‑line and cash‑flow patterns imply earnings and cash conversion can swing with product cycles, investment timing and claims experience. This reduces predictability for capital planning and dividend policy, complicating durable forecasts and multi‑year strategic investments.
Investment/Market Exposure
Ping An's profitability and solvency materially depend on investment returns and market conditions. Adverse capital markets or poor investment performance can erode capital, tighten solvency ratios and force repricing or capital raises, posing a lasting structural risk for a life insurer reliant on asset yields.

Ping An Insurance Company of China (2318) vs. iShares MSCI Hong Kong ETF (EWH)

Ping An Insurance Company of China Business Overview & Revenue Model

Company DescriptionPing An Insurance (Group) Company of China, Ltd. provides financial products and services for insurance, banking, asset management, and fintech and healthtech businesses in the People's Republic of China. The company's Life and Health Insurance segment offers term, whole-life, endowment, annuity, investment-linked, universal life, and health care and medical insurance to individual and corporate customers. Its Property and Casualty Insurance segment provides auto, non-auto, and accident and health insurance to individual and corporate customers. The company's Banking segment undertakes loan and intermediary businesses with corporate and retail customers; and offers wealth management and credit card services to individual customers. Its Trust segment provides trust services; and undertakes investing activities. The company's Securities segment offers brokerage, trading, investment banking, and asset management services. Its Other Asset Management segment provides investment management, finance lease, and other asset management services. The company's Technology segment offers financial and daily-life services through internet platforms, such as financial transaction information service platform, and health care service platform. It also provides annuity insurance, investment management, IT and business process outsourcing, real estate investment, futures brokerage, consulting, project investment, financial advisory, currency brokerage, property agency, fund raising and distribution, real estate development and leasing, and insurance agency services. In addition, the company provides factoring, equity investment, financing guarantee, logistics, management consulting, e-commerce, credit information, and private equity financing services; and operates an expressway, as well as produces and sells consumer chemicals. Ping An Insurance (Group) Company of China, Ltd. was founded in 1988 and is based in Shenzhen, China.
How the Company Makes MoneyPing An Insurance generates revenue through multiple key streams. The primary source is its insurance premiums collected from policyholders across its life and non-life insurance segments. The company also earns investment income from managing the vast portfolio of assets accumulated through these premiums, which includes stocks, bonds, and other investment vehicles. Additionally, Ping An's banking operations contribute significantly to its revenue through interest income from loans and fees from financial services. The company has also invested heavily in technology, creating a fintech ecosystem that enhances efficiency and customer engagement, further driving revenue growth. Strategic partnerships with other financial institutions and technology firms also play a role in expanding its service offerings and market reach, contributing to overall earnings.

Ping An Insurance Company of China Financial Statement Overview

Summary
Income statement and cash flow are solid: TTM revenue is up 6.1% vs the last annual period, net margin is stable around ~13.8% with rising net income, and free cash flow is strong (296.6B) with good earnings alignment (~0.97 FCF/net income). The main constraint is the balance-sheet risk typical for life insurers: leverage is improving (debt-to-equity 1.41x) but absolute debt remains very large (1.39T), and historical revenue/cash flow have been uneven.
Income Statement
74
Positive
TTM (Trailing-Twelve-Months) revenue is up 6.1% versus the last annual period, showing a re-accelerating top line after modest growth in 2023–2024. Profitability is solid and stable for the business model, with net margin holding around ~13.8% in both TTM and 2024 and net income rising (TTM 140.3B vs 2024 126.6B). The main weakness is choppier historical revenue trend (notably the step-down from 2020/2021 levels) and some margin/operating profit metrics that appear volatile across years, suggesting earnings quality can be sensitive to the cycle and accounting effects in this sector.
Balance Sheet
66
Positive
The balance sheet shows sizable leverage typical of life insurers, with debt-to-equity improving to 1.41x in TTM (from 1.50x in 2024 and 1.66x in 2023), which is a positive trajectory. Equity has also grown (TTM 986.4B vs 2024 928.6B), supporting a stronger capital base. Returns on equity are healthy and improving (TTM ~14.8% vs 2024 ~13.6%), but absolute debt remains very large (TTM 1.39T) and leverage is still meaningful, leaving the company more exposed if investment returns, claims, or capital markets conditions deteriorate.
Cash Flow
78
Positive
Cash generation looks strong: TTM operating cash flow is 340.1B and free cash flow is 296.6B, with free cash flow growth up ~39.6% versus the prior period. Free cash flow closely tracks earnings (TTM free cash flow to net income ~0.97; 2024 ~0.98), which supports earnings quality and financial flexibility. The key watch-out is variability across years (e.g., weaker cash flow in 2021 and a free cash flow decline in 2023), implying cash conversion can swing with working capital, investment timing, and insurance-specific cash dynamics.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue928.21B916.62B678.64B664.50B1.06T1.09T
Gross Profit921.41B908.77B678.64B664.50B1.06T980.65B
EBITDA214.22B207.86B163.69B183.38B184.18B230.71B
Net Income140.28B126.61B85.67B111.01B101.62B143.10B
Balance Sheet
Total Assets13.65T12.96T11.58T11.01T10.14T9.53T
Cash, Cash Equivalents and Short-Term Investments935.58B950.37B797.92B746.52B630.51B597.30B
Total Debt1.39T1.40T1.49T1.48T1.59T1.42T
Total Liabilities12.28T11.65T10.35T9.82T9.06T8.54T
Stockholders Equity986.41B928.60B899.01B869.19B812.40B762.56B
Cash Flow
Free Cash Flow296.58B375.80B352.59B467.90B77.93B302.08B
Operating Cash Flow340.15B382.47B360.40B476.78B90.12B312.07B
Investing Cash Flow-656.66B-416.25B-104.00B-215.76B27.93B-447.14B
Financing Cash Flow360.13B30.95B-222.06B-230.87B-136.41B260.64B

Ping An Insurance Company of China Technical Analysis

Technical Analysis Sentiment
Positive
Last Price71.15
Price Trends
50DMA
65.79
Positive
100DMA
60.71
Positive
200DMA
55.23
Positive
Market Momentum
MACD
1.54
Positive
RSI
57.98
Neutral
STOCH
59.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2318, the sentiment is Positive. The current price of 71.15 is above the 20-day moving average (MA) of 69.76, above the 50-day MA of 65.79, and above the 200-day MA of 55.23, indicating a bullish trend. The MACD of 1.54 indicates Positive momentum. The RSI at 57.98 is Neutral, neither overbought nor oversold. The STOCH value of 59.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2318.

Ping An Insurance Company of China Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
83
Outperform
HK$256.11B6.0334.37%5.24%49.90%203.77%
80
Outperform
HK$1.40T8.3928.10%3.42%17.69%126.41%
79
Outperform
HK$454.38B6.7018.41%3.28%15.08%23.13%
78
Outperform
$1.34T8.5614.53%4.25%10.20%19.74%
78
Outperform
HK$421.42B6.0017.99%3.05%9.40%79.93%
72
Outperform
HK$950.17B20.7615.16%2.16%5.65%30.47%
68
Neutral
$18.00B11.429.92%3.81%9.73%1.22%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HK:2318
Ping An Insurance Company of China
71.15
29.49
70.78%
HK:1299
AIA Group
88.40
36.58
70.57%
HK:2601
China Pacific Insurance (Group) Co
39.28
16.67
73.74%
HK:2628
China Life Insurance Co
34.20
19.94
139.85%
HK:1339
People's Insurance Co (Group) of China
6.70
2.83
73.22%
HK:1336
New China Life Insurance Co., Ltd. Class H
61.40
38.51
168.25%

Ping An Insurance Company of China Corporate Events

Ping An Says HKEX Censure of Independent Supervisor Will Not Affect Group Operations
Jan 14, 2026

Ping An Insurance (Group) Company of China, Ltd. has disclosed that its independent supervisor, Mr. Hung Ka Hai Clement, was publicly censured by the Hong Kong Stock Exchange in connection with his role as an independent non-executive director of Starjoy Wellness and Travel Company Limited. The Stock Exchange’s Listing Committee found that Mr. Hung, together with other relevant directors, failed to exercise reasonable skill, care and diligence under the Listing Rules and directed them to complete specified hours of training on regulatory, legal and Listing Rule compliance topics. After reviewing the disciplinary statement, Ping An’s board concluded that there was no finding that Mr. Hung is unsuitable to serve as a supervisor of listed companies, that the incident does not involve dishonesty, fraud or integrity issues on his part, and that the matter is unrelated to the affairs or business operations of the Ping An group. The company stated that, based on information currently available, the incident is not expected to adversely affect the group or require further disclosure beyond what has been announced.

The most recent analyst rating on (HK:2318) stock is a Buy with a HK$78.00 price target. To see the full list of analyst forecasts on Ping An Insurance Company of China stock, see the HK:2318 Stock Forecast page.

Ping An Sets March 26, 2026 Board Meeting to Approve 2025 Results and Consider Final Dividend
Dec 29, 2025

Ping An Insurance (Group) Company of China, Ltd. has scheduled a board meeting for March 26, 2026, to review and approve the Group’s audited financial results for the year ended December 31, 2025, and to consider a proposal for a final dividend. The timing signals the company’s preparation for its annual reporting cycle and potential shareholder returns, while any decisions on dividends and other board business will be closely watched by investors for indications of profitability, capital allocation priorities, and management’s confidence in the Group’s financial outlook.

The most recent analyst rating on (HK:2318) stock is a Buy with a HK$89.00 price target. To see the full list of analyst forecasts on Ping An Insurance Company of China stock, see the HK:2318 Stock Forecast page.

Ping An Insurance Calls February 2026 EGM to Amend Articles of Association
Dec 29, 2025

Ping An Insurance has called its first extraordinary general meeting of 2026 for 2:00 p.m. on 13 February in Shenzhen to seek shareholder approval, by way of a special resolution and non-cumulative voting, for amendments to its Articles of Association. The notice sets out record dates and share transfer arrangements for A and H shareholders, proxy appointment procedures, and logistical details for attending the meeting, underscoring the company’s ongoing corporate governance adjustments that may refine its organizational or capital framework and require active participation from both domestic and international investors.

The most recent analyst rating on (HK:2318) stock is a Buy with a HK$89.00 price target. To see the full list of analyst forecasts on Ping An Insurance Company of China stock, see the HK:2318 Stock Forecast page.

Ping An Insurance Proposes Amendments to Enhance Governance
Dec 16, 2025

Ping An Insurance Company of China has announced proposed amendments to its Articles of Association, which have been approved by the supervisory committee and the board of directors. These amendments aim to align the company’s governance structure with regulatory requirements and will be submitted for approval at the upcoming shareholders’ general meeting. The changes are expected to enhance compliance and operational efficiency, reflecting the company’s commitment to adhering to regulatory standards and improving shareholder engagement.

The most recent analyst rating on (HK:2318) stock is a Buy with a HK$89.00 price target. To see the full list of analyst forecasts on Ping An Insurance Company of China stock, see the HK:2318 Stock Forecast page.

Ping An Insurance Releases 2025 Nine-Month Financial Results
Oct 28, 2025

Ping An Insurance Company of China has released its nine-month results for 2025, highlighting the company’s financial performance and strategic initiatives. The announcement underscores the company’s commitment to maintaining robust growth and enhancing its market position, which is expected to have positive implications for its stakeholders and reinforce its competitive edge in the financial services industry.

The most recent analyst rating on (HK:2318) stock is a Buy with a HK$61.00 price target. To see the full list of analyst forecasts on Ping An Insurance Company of China stock, see the HK:2318 Stock Forecast page.

Ping An Insurance Reports Strong Growth in 2025 Q3 Results
Oct 28, 2025

Ping An Insurance Company of China reported robust financial performance for the first nine months of 2025, with a notable increase in operating profit and net profit. The company achieved significant growth in its life and health insurance segment, driven by multi-channel development, and saw improvements in its property and casualty insurance business. Ping An Bank maintained steady performance with improved asset quality, while the company’s integrated finance strategy enhanced customer retention and development efficiency. Additionally, Ping An continued to fulfill its social responsibilities by supporting green development and rural vitalization, further solidifying its industry positioning.

The most recent analyst rating on (HK:2318) stock is a Buy with a HK$61.00 price target. To see the full list of analyst forecasts on Ping An Insurance Company of China stock, see the HK:2318 Stock Forecast page.

Ping An Insurance Releases 2025 Q3 Report for Ping An Bank
Oct 24, 2025

Ping An Insurance Company of China has announced the release of the 2025 Third Quarterly Report for its subsidiary, Ping An Bank. The report, available on the Shenzhen Stock Exchange’s website, provides insights into the bank’s performance for the third quarter of 2025. This disclosure is part of the company’s commitment to transparency and regulatory compliance, potentially impacting its market position and stakeholder confidence.

The most recent analyst rating on (HK:2318) stock is a Buy with a HK$61.00 price target. To see the full list of analyst forecasts on Ping An Insurance Company of China stock, see the HK:2318 Stock Forecast page.

Ping An Insurance to Release 2025 Q3 Results and Host Investor Briefing
Oct 21, 2025

Ping An Insurance Company of China has announced that it will release its third quarterly results for 2025 on October 28, 2025, and will hold an online results briefing on the same day. This initiative aims to provide investors with a deeper understanding of the company’s performance and operations, with senior management addressing common investor queries during the session.

The most recent analyst rating on (HK:2318) stock is a Buy with a HK$61.00 price target. To see the full list of analyst forecasts on Ping An Insurance Company of China stock, see the HK:2318 Stock Forecast page.

Ping An Completes Share Cancellation and Capital Reduction
Oct 20, 2025

Ping An Insurance Company of China has completed the cancellation of over 102 million A shares as part of its 2021 A Share Repurchase Plan, leading to a reduction in its registered capital to RMB18,107,641,995. This change, along with amendments to the company’s Articles of Association, reflects a strategic move to optimize its capital structure, potentially impacting its financial stability and shareholder value.

The most recent analyst rating on (HK:2318) stock is a Buy with a HK$61.00 price target. To see the full list of analyst forecasts on Ping An Insurance Company of China stock, see the HK:2318 Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 14, 2026