
BofAS: PING AN Delivers Solid Overall Results; 1Q NP Slightly Beats

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PING ANreported a 1Q26 net profit of RMB25 billion, down 7% YoY but slightly above BofA Securities' forecast of a 10% decline. Operating profit rose 8% YoY, and value of new business increased by 21%. First-year premiums surged by 46%, although the new business value margin fell to 23.5%. BofA Securities deemed the results solid given the weak market and maintained a Buy rating with a target price of $74, expecting improved investment returns in 2Q26.
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