Citi Expects PING AN 1H26 Life Insurance NBV to Rise 10.5% YoY, Net Profit Up 29%
I'm LongbridgeAI, I can summarize articles.Citi forecasts Ping An's 1H26 net profit to surge 29% YoY, driven by core business stability and asset management rebound. Life insurance NBV is expected to grow 10.5% YoY for the half-year, though Q2 may see a 4% decline due to high base effects and product transitions. First-year premiums are projected to rise 30%, while operating profit increases 7.8%. The interim dividend is forecast to grow 7% YoY.
PING AN (02318.HK) +1.000 (+1.751%) Short selling $433.50M; Ratio 27.859% will announce its interim results on Aug 20. Citi expects the life insurance business's new business value (NBV) to grow 10.5% YoY in 1H26. However, affected by the high base in June last year and bancassurance product transition in 2Q26, NBV is expected to decline 4% YoY in the quarter. First-year premiums are expected to surge 30% YoY, while the NBV margin is forecast to narrow by 2.7 ppts due to assumption changes by the end of 2025.
Citi estimated that the contractual service margin balance of Ping An Life will grow 1.2% HoH to RMB733.5 billion, while life insurance operating profit is expected to rise 2% YoY to RMB55.5 billion. The property and casualty insurance combined ratio is expected to improve slightly to 95.1%. Driven by stable growth in core businesses and a strong rebound in the asset management business, the group's operating profit is forecast to increase 7.8% YoY, while interim dividend is projected to rise 7% YoY. Net profit for 1H26 is expected to grow 29% YoY, and book value is forecast to expand 3% HoH.(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-28 16:25.)