Ping An of China aims to achieve high-quality, sustainable growth by 2025. After the earnings release, several major banks are optimistic, with the H-share target price raised to HKD 100.

China Ping An released its full-year 2025 performance. Overall operations have improved across the board, with core indicators showing high-value growth, and operating profit attributable to shareholders of the parent company reached RMB 134.415 billion, up 10.3%. Net profit attributable to shareholders of the parent company excluding non-recurring gains and losses was RMB 143.773 billion, up 22.5%. New business value for the life insurance and health insurance business was RMB 36.897 billion, up 29.3%, achieving double-digit growth for three consecutive years.

Shareholders’ equity attributable to the parent company first surpassed RMB 1 trillion, reaching RMB 1,000.419 billion, up 7.7% from the beginning of the year. The company plans to distribute a cash dividend of RMB 1.75 per share for the 2025 final dividend; the full-year cash dividend was RMB 2.70 per share, up 5.9%; and total cash dividends amounted to RMB 48.891 billion, maintaining an increase for 14 consecutive years.

After the earnings release, several major banks issued “buy/increase holdings” ratings for China Ping An:

Morgan Stanley: Reiterates China Ping An as a preferred stock, with a target price of HKD 95 for the H shares

JPMorgan Chase: Maintains an “increase holdings” rating for China Ping An, with a target price of HKD 100 for the H shares

Goldman Sachs: For China Ping An’s A/H shares, target prices are RMB 76/74 Hong Kong dollars respectively, rating: “buy”

UBS: Target price of HKD 88 for China Ping An’s H shares, rating: “buy”

Citigroup: Target price of HKD 85.5 for China Ping An’s H shares, rating: “buy”

Dongwu Securities: Maintains a “buy” rating for China Ping An

Morgan Stanley: Reiterates China Ping An as a preferred stock, with a target price of HKD 95 for the H shares

Morgan Stanley published a research report stating that China Ping An has reported solid 2025 performance, in line with market expectations and the firm’s expectations. The firm believes that the de-risking process has entered a late stage, and at the same time, the strong growth momentum in new business value (VNB) is expected to continue into 2026. Considering recent industry adjustments, the firm believes China Ping An’s valuation is more attractive, reiterates it as a preferred stock, rating: “increase holdings,” with a target price of HKD 95 for the H shares.

JPMorgan Chase: Maintains an “increase holdings” rating for China Ping An, with a target price of HKD 100 for the H shares

JPMorgan Chase published a research report stating that China Ping An’s 2025 core earnings were RMB 134.4 billion, exceeding the firm’s expected RMB 131.0 billion. The improvement was also supported by the recovery in life insurance sales and the continued reduction in risks from non-standard assets. With the improvement in the industry fundamentals, China Ping An, as a leading company in the industry, should be one of the main beneficiaries. The firm maintains its “increase holdings” rating on China Ping An, with a target price of HKD 100 for the H shares.

Goldman Sachs: For China Ping An’s A/H shares, target prices are RMB 76/74 Hong Kong dollars respectively, rating: “buy”

Goldman Sachs published a research report stating that China Ping An’s 2025 performance is broadly in line with expectations. Among them, fourth-quarter after-tax operating profit grew 35% year over year, mainly benefiting from narrower losses in the asset management business and an improvement in property and casualty insurance underwriting performance. Full-year earnings per share to be distributed were RMB 2.7, up 6%, broadly in line with market expectations but slightly higher than the firm’s expected RMB 2.6. The firm gives “buy” ratings to both China Ping An’s A shares and H shares, and based on a sum-of-the-parts valuation (SOTP), its 12-month target prices are HKD 74/76 respectively.

UBS: Target price of HKD 88 for China Ping An’s H shares, rating: “buy”

UBS published a research report stating that China Ping An’s 2025 after-tax operating profit grew 10.3% year over year, slightly higher than the market’s widely expected 9.1%. New business value (VNB) grew 29% year over year, in line with the firm’s expectations. Embedded value (EV) for the life insurance business grew 11% year over year, in line with expectations. The combined ratio (CoR) for property and casualty improved by 1.5 percentage points year over year to 96.8%, better than the market’s generally expected 97.3%. Net asset value grew 7.7% year over year, in line with broadly expected. Dividends per share grew 5.9% year over year to RMB 2.7, within UBS’s expectation (RMB 2.68) and the market’s general expectation (RMB 2.73). The firm uses a sum-of-the-parts valuation (SOTP) to value Ping An; its 12-month target price for the H shares is HKD 88, rating: “buy.”

Citigroup: Target price of HKD 85.5 for China Ping An’s H shares, rating: “buy”

Citigroup published a research report stating that Ping An’s 2025 performance is broadly in line with expectations. Operating profit grew 10% year over year to RMB 134.4 billion, beating expectations, mainly driven by 13% growth in the property and casualty insurance business and narrower losses in the asset management business. Dividends per share grew 6% year over year to RMB 2.7, in line with expectations. The firm uses a sum-of-the-parts valuation (SOTP), assigns a target price of HKD 85.5 for China Ping An’s H shares, and rates it as “buy.”

Dongwu Securities: Maintains a “buy” rating for China Ping An

Dongwu Securities published a research report stating that China Ping An’s 2025 operating profit attributable to parent showed double-digit growth, with both life and property-and-casualty businesses performing well. Specifically, 2025 net profit attributable to parent was RMB 134.8 billion, up 6.5%; after excluding non-recurring gains and losses, it rose 22.5% year over year. Operating profit attributable to parent was RMB 134.4 billion, up 10.3%. For life insurance, new premium from individual business increased 3.7% year over year, and NBV for individual and bancassurance were up 10.4% and 138% respectively. For property and casualty, the combined cost ratio declined 1.5 percentage points year over year, and underwriting profit surged 96%. The firm maintains its “buy” rating for China Ping An.

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