Ping An Insurance (Group) Co. of China Ltd reported a strong acceleration in its 2025 operating profit after tax, rising 10% on the back of improved property and casualty underwriting and a rebound in asset management performance, according to Morningstar’s latest analyst note dated March 30, 2026.
According to the research report from Iris Tan, CFA, Senior Equity Analyst at Morningstar, he Shenzhen-based insurer, China’s second-largest life and P&C provider, saw bancassurance new business value surge 139% in 2025, with expectations of over 40% growth in 2026. The segment’s 29% margin is near global peer levels and well above domestic competitors.
Morningstar maintained a fair value estimate of CNY 74 per Class A share, versus a last closing price of CNY 56.95, implying the stock remains undervalued. At 0.6 times 2026 embedded value and a dividend yield of 5.4%, Ping An’s H shares continue to attract long-term investors.
Analysts highlighted reduced property risk exposure and potential recovery in Ping An Bank’s retail operations as key catalysts for renewed market interest, supporting a high single-digit operating profit growth forecast through 2030.
