Ping An Insurance: Strong Financial Performance and Strategic Positioning Justify Buy RatingWe expect non-auto CoR to enjoy further headroom for improvements. Promising equity returns albeit a lower mix of TPL stock. Total investment assets increased 11.9% from year-start to RMB 6.41tn in 9M25. Among which, non-standard debts fell 9% from year-start to RMB 334bn (5.2% mix), and real estate investments slid 1.2% QoQ to RMB 204bn (3.2% mix), showcasing the insurer’s prudent credit risk management and improving asset quality. NIY/CIY recorded at 2.8%/5.4% (unannualized), down 0.3pct/up 1.0pct YoY. We think the stock market performance will continue to be one of the key earnings drivers in 4Q25E, and on top of the 65%/35% OCI/TPL stock allocation mix by 1H25, the mgmt. guided that the company would keep the A/L duration gap of ~2yrs to enhance long-term investment income.