[ET Net News Agency, 25 October 2019] UBS Global Research lowered its target price for
Ping An Insurance (02318) to HK$108 from HK$110 and maintained its "buy" rating.
The research house Ping An's 3Q results were mixed. Group-wide OPAT growth of 16% was in
line with our expectation, with P&C delivering a solid combined ratio of 95.4%. Life NBV
growth of 4% (7% including assumption changes), however, was softer than the market's
expectation of 10%.
UBS trimmed its 2019 NBV (new business value) by 2%. It now expects 5% NBV growth for
2019, accelerating to 12% in 2020. (KL)