I'm LongbridgeAI, I can summarize articles.Morgan Stanley published a research report stating that PING AN (02318.HK) +1.360 (+2.811%) Short selling $317.20M; Ratio 21.236% 's operating profit in 3Q showed resilience, although value of new business (VNB) remained weak. The broker believed the results were broadly in line with market expectations.
The broker noted that operating profit after tax in 3Q amounted to RMB41.7 billion, up 8.3% YoY, the same pace as in 1H, and 2 ppts above the broker's expectations. The asset management segment continued to contribute strong earnings, reaching RMB10.3 billion in 3Q, compared with a net loss of RMB69 million in the same period last year. Life insurance operating profit growth accelerated further to 12% YoY.
3Q GAAP earnings fell 94% YoY due to weak equity markets, but still outperformed most peers that recorded net losses, benefiting from the diversified business mix, particularly asset management and banking operations. Earnings for the first nine months fell 27% YoY.
The broker said 3Q VNB dropped 54% YoY, dragging first-nine-month VNB to a 13% YoY decline, mainly due to the industry's high comparison base, bancassurance regulatory headwinds, as well as proactive business structure optimization and assumption adjustments. VNB margin for the first nine months edged down 1.2 ppts to 24%.
The combined ratio of the property and casualty insurance business for the first nine months improved 1.4 ppts to 95.6%, while 3Q alone improved 3.8 ppts to 96.6%. Management expects to continue outperforming the overall market in 2026 and 2027.
The broker maintained its Overweight rating on PING AN (02318.HK) +1.360 (+2.811%) Short selling $317.20M; Ratio 21.236% with a TP of HKD85, believing the company's full-year DPS could achieve mid-single-digit growth, and remained confident in achieving positive contractual service margin (CSM) growth and double-digit VNB growth in the medium term. (su/ad)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-10-29 12:25.)