20230904-招银国际-中国平安-02318.HK-1H23_NBV_beat_consensus__interim_dividend_up_1.1__YoY_reinforcing_a_long-run_growth_story_9页_1mb

Ping An Insurance (2318 HK) reported strong 1H23 performance with a 32.6% YoY increase in Net Business Value (NBV), adjusted to 45.0% due to restatement, exceeding consensus expectations. The improvement stems primarily from the Life and Health segment, where channel optimization, including higher agent productivity and strong bancassurance margins, drove robust growth. Despite a 5% YoY decline in Operating Profit After Tax (OPAT) driven by negative impacts from Asset Management and Technology segments, the company raised its interim dividend by 1.1% YoY to HK$0.93 per share, reflecting optimism about long-term fundamentals. Valuation remains favorable with a target price of HK$80.30, implying a 71.0% upside from the current price and maintaining a BUY recommendation based on turnaround potential. Key risks include regulatory changes under cross-product reform, elevated asset-related risks, and potential volatility from easing CN 10YR Treasury yields or sharp equity market swings. The company is expected to capitalize on cross-selling opportunities in healthcare and elderlycare services, supported by synergies across its operations.